Southern Cross, Gumtree caught in foul day on the Unmade Index
When Mumbrella checked the Unmade Index today a short while before market close, it was an unmitigated sea of red. In the last 15 minutes of trading, music and technology media group Vinyl managed to get its head above water (+1.20%).
It was a foul day regardless, with the Index hitting a low not seen since the beginning of 2025.
Southern Cross Media led the bigger stocks in losses (-4.35%). It had informed the market late yesterday that rival and shareholder ARN had sold enough stock to lose its substantial shareholder status. Mumbrella also noted (in the article on the sale) that the new entity comprising Seven West Media and Southern Cross Austereo has lost close to $100m in value since the merger was pitched to shareholders.
That is a truly awful first 77 days.
