Media stocks pummelled in Unmade Index’s worst day

Tim Burrowes

March 12, 2026 6:06

The worst week in the history of the Unmade Index escalated on Thursday, with Australia’s listed media and marketing stocks taking another collective hit of 3.45% to land on yet another all-time low, of 353.6 points.

The Unmade Index has now hit new lows for an unprecedented five trading days in a row. Over the last fortnight alone the Unmade Index has lost 13.7% of its value as the investment community appears to have lost belief in the value of media stocks.

Several media and marketing stocks hit all time lows today:

ARN Media was worst hit, losing 5.6% to land on a market capitalisation of just $105m, the worst in the company’s 27 years on the ASX;
Nine lost 5% to land on a market capitalisation of $1.36bn, its worst since listing in 2013;
Enero, owner of agencies including BMF, Orchard and Hotwire, saw its share price fall to a historic low of 47c – worse even than the company’s near death in 2011 when it teetered on bankruptcy;
Ooh Media lost another 2.7%, falling to to a market cap of $485m and its lowest share price since its emergency Covid capital raising of March 2020
Printing and markting company Ive Group fell below a $400m market cap and hit its lowest share price since last June;
Southern Cross Austereo lost 3.2% to land on its lowest share price since the merger with Seven West Media.

The Unmade Index launched in 2022 on a nominal value of 1000 points. In the four years since then, the valuation of Australia’s media companies has fallen by 64.6%.

Mumbrella’s Hal Crawford and Tim Burrowes analyse the disastrous state of the market in tonight’s edition of the Mumbrellacast.

Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.