Figure 1: ANZ media share price changes October 2025 

Source: Firehawk

Key developments

Overall, the media sector in Australia and New Zealand struggled to maintain their positions over 2024 with the deterioration of economic conditions. The impact on advertising has depressed valuations for ad-dependent stocks in 2024, but share performance has generally improved as economic conditions improve.

NZME

NZME’ stock rose by over 16% during the month, as the company has upgraded its FY25 Operating EBITDA guidance to a range of NZ$59 million to NZ$62 million, raised from the previous $57 million to NZ$59 million. This new midpoint represents a 12% increase over the FY24 result of NZ$54.2 million. CEO Michael Boggs attributed the upgrade to better-than-expected revenue performance and sustained cost control. The company, which reports full-year results in February 2026, views this momentum as positioning it well for FY26.

Seven West Media

Seven West Media’s stock decline by close to 5% during October. The latest news of the proposed merger between Seven West Media (SWM) and Southern Cross Media (SCA) was announced on 17th October where Southern Cross confirmed it received an ASX waiver regarding its proposed merger. The waiver of Listing Rule 10.1 permits SCA to acquire SWM shares from Spheria Asset Management—a substantial shareholder in both companies—without SCA shareholder approval. This was granted as the acquisition is on the same terms as for all other SWM shareholders. Additionally, the ASX confirmed under Rule 11.1 that SCA does not need shareholder approval for the merger, as it is not a ‘back door listing’ and does not fundamentally change the nature of SCA’s activities.

Sky New Zealand

Sky New Zealand’s stock jumped by over 13% during the month, despite no price sensitive announcements. The company did however announce that it has secured the exclusive New Zealand broadcast rights for the Olympic Games through to 2032, renewing its long-term partnership with the IOC. The agreement includes the Milano Cortina 2026, Los Angeles 2028, French Alps 2030, and Brisbane 2032 Games. CEO Sophie Moloney noted that the recent acquisition of Three and ThreeNow was a “game-changer” in securing the rights. The Olympics will be broadcast across Sky’s platforms, including Sky Sport, Sky Sport Now, and the free-to-air channels Sky Open, Three, and ThreeNow.

Figure 2: ANZ media valuation multiples 

Source: Firehawk

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