Fairfax Media is no longer a $1bn company, after its shares were hit by another significant price drop today.
The share price on the ASX finished at 42c at the close of trading, valuing the company at $987m.
The company’s share price has now dropped from 55c a fortnight ago; from 66c three months ago; from 78c six months ago; from 90c a year ago; and from $4.20 five years ago.
Shares have declined sharply since the company announced a $2.7bn loss just over a week ago. This week also saw dozens of the company’s longest serving and best known journalists leave as part of its widespread redundancy program.
Fairfax share price over last six months | Source: Google Finance
Fairfax Media was not the only ASX media stock to take a hammering today. APN shares lost more than a quarter of their value, falling from 39 c to 28.5c on the news of the departure of the company’s chief financial officer Peter Myers. APN is now valued at $185m. It reported a loss of more than $300m for the first half of the year. APN’s interests span newspapers, the outdoor industry and the Australian Radio Network.