Insult added to Southern Cross injury as Unmade Index continues slide

Yesterday Mumbrella covered the stark difference between the combined value of Seven West Media and Southern Cross Austereo last year compared to their sickly synthesis, Southern Cross Media, this year.

What wasn’t pretty yesterday is even more unsightly today: SXL has lost another 4.55% to be sitting at a total market cap of $301.6m. This for a media powerhouse that employs at least 5000 people. We’re hoping for a rally.

Of the other losers, who again were in the majority, Sports Entertainment had the worst of it, down 7.14%, with Motio down 3.92%. Pureprofile was down 3.77%, Ive was down 2.61%, while the larger names were also drifting lower, with News Corp down 0.75%, Nine down 0.46% and Ooh Media down 0.38%.

Gainers were thin on the ground. Southern Cross competitor ARN was the standout, up 4.11%, while GTN was also up, rising 1.79%.

The Index lost 0.83% to come to rest at 436.1 for the night.