How Domain’s update alarmed the whole media market; and Sanger exits The Market Herald – for now
Welcome to a midweek edition of Unmade. Today: Domain kicks off a rout in media stocks; and another development in the battle for The Market Herald.
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Hi Tim, Happy New Year! Considering it is an advertising business similar to Domain and is actually much larger and diverse, why don’t you include REA (RealEstate.com.au) as part of the Unmade Media Index or report it’s numbers?
Keep up the great work – Chris
And the same back to you Chris
Thanks for the question. The main reason is that although locally listed, much of REA’s business is outside Australia. Given its scale, it would dominate the whole index if we fully factored it in.
As it happens there is an argument that perhaps we should calculate how much of its EBITDA is driven locally and weight that part in. So for instance, if 25% is Australian profit, then weigh in 25%into the index.
That’s what we do for Domain, to avoid double counting via Nine’s 60% ownership. We weight it at 40%.
I’ll give that one some thought!
All the best,
Tim