ARN gains on Unmade Index despite News Corp sell-off

Hal Crawford

December 4, 2025 5:38

On a day when the Unmade Index slipped again overall — with more losing stocks than gaining — it might seem curious that “entertainment company” ARN actually gained ground (+1.11%).

Curious because last night after the ASX closed, News Corp announced it had sold its entire ARN holding — 13% of the company, worth around $18m.

The market clearly didn’t read that as adding information to its view of the company’s future. It’s already well known ARN is challenged in the short term — it is forecasting a full-year EBITDA drop of between 25% and 27% — and in the long term, CEO Michael Stephenson’s vision of a multiplatform entertainment company is similarly clear.

Late-breaking news that may be relevant: ARN reportedly sold the majority of its stake in radio rival Southern Cross Austereo.

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Hal Crawford

Crawford has worked across news media over a 30-year career, including running Ninemsn editorial in Sydney (editor-in-chief and publisher) and the TV3 newsroom in Auckland (chief news officer).

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