Not drowning, merging: Southern Cross Media under $300m
Another unfortunate day for Southern Cross Media on the Unmade Index as what began as a dalliance yesterday — a sub-$300m market cap — became today’s established position.
The newly merged entity (SCA plus Seven West Media) lost 3.91% to end the day at a market cap of just over $295m. Seven was worth that much on its own back in the first half of 2024. The market has devalued broadcast media assets ferociously in under two years, a fact that has not escaped the notice of observers, who note that taking an under-appreciated company private has benefits.
Motio was also down 2.04%, Pureprofile down 1.96%, Ooh Media down 1.57%, GTN down 1.75% and Vinyl down 1.12%. News Corp was also down, slipping 0.71%.
In small-cap style, temporarily suspended Aspermont came back with a jaunty 12.50% rise, followed by Sports Entertainment up 5.45% and Ive up a modest 0.33%. Several names were flat or effectively unmoved on the day, including ARN, NEC, Enero and Gumtree.
The Unmade Index came down slightly after yesterday’s gains, now sitting at 457.
