Peter Tonagh’s GTN sees biggest fall on the Unmade Index, while Peter Tonagh’s Nine improves

Tim Burrowes

December 10, 2025 5:47

Peter Tonagh’s GTN sees biggest fall on the Unmade Index, while Peter Tonagh’s Nine improves

Tonagh has a horse in two races as chair of both Nine and ATN

Global Traffic Network, parent company of Australian Traffic Network, today debuted on the Unmade Index as its eighth largest stock.

Sadly, GTN’s first appearance saw the audio stock deliver the biggest fall on the Unmade Index, losing 3.4% to land on a market capitalisation of $54m. The Unmade Index tracks Australia’s ASX-listed media and marketing companies.

GTN is chaired by Peter Tonagh, who is also the new chair of Nine. This week GTN issued 1m share options to Tonagh, which will be exercisable at a valuation of 23.5c. The share price of GTN closed today at 28c.

Tonagh’s involvement with GTN, which sells airtime around traffic bulletins, adds complexity to the current unofficial sale process of Nine Radio, with GTN a potential player in the ongoing media consolidation frenzy.

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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.