DASHBOARD: Media valuation comps for September 2025
- Publisher : Venture Insights
- Publish Date : October 16, 2025
This Media Valuation Comps report provides a comprehensive analysis of key financial metrics for media stocks listed in Australia and New Zealand (ANZ). It includes detailed visualisations of monthly and annual share price movements, key earnings multiples, and forward earnings multiples compared to forward growth estimates. Additionally, it tracks share price trends over the past twelve months, offering valuable insights for market participants.
Figure 1: ANZ media share price changes September 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.
Southern Cross Media
Southern Cross Media’s stock climbed by 17.5% during the month, with the announcement on September 30th that the company and Seven West Media have agreed to merge via a scheme of arrangement, creating a “leading integrated Total TV, Audio and Digital platform.” Seven West Media (SWM) shareholders will receive 0.1552 Southern Cross (SCA) shares per SWM share, resulting in ownership of 50.1% SCA and 49.9% SWM. The merger is expected to deliver $25–30 million in annual cost synergies, be EPS accretive, and ‘broaden scale, reach, and diversification’. Next steps include the release of Independent Expert Reports, preparation of a Scheme Booklet, and shareholder and court approvals, with both boards unanimously recommending the transaction.
Nine
Nine’s stock declined by 24% during the month, with most of the decline occurring on September 11th which was when the stock went ex-dividend. The drop reflects the loss of entitlement to a fully franked 4c final dividend and 49c special dividend (both fully franked, payable on September 26th) which was funded by Nine’s $1.4bn Domain divestment, which had contributed $413m revenue and $146m EBITDA in FY25.
ARN Media
ARN Media’s stock climbed by 18% during September, off the back of the recent proposed merger between Southern Cross Media (SCA) and Seven West Media (SWM). ARN Media holds 14.8% of the share capital of Southern Cross Media. This stake relates to its failed acquisition of SCA alongside Anchorage Capital Partners in 2024, where an initial bid was rejected, followed by a loss in confidence on the Anchorage side and an eventual collapse of the offer.
Figure 2: ANZ media valuation multiples
Source: Firehawk
About Venture Insights
Venture Insights is an independent company providing research services to companies across the media, telco and tech sectors in Australia, New Zealand, and Europe.