Media stocks on the move
The Ten Network is Australia’s worst performing major media stock of the year to date, while Consolidated Media is the best, according to a piece of analysis published today.
According to the article in the Australian Financial Review, Ten Network – which actually saw a slight rally in its price yesterday – has seen its share price slump by 31.6% in the year to date, driven mainly by the problems of its main shareholder CanWest. APN (down 29.3%) and Fairfax Media (down 27.4%) were not far behind.
At the other end of the scale, the now slimmed-down, James Packer-backed Consolidated Media was up 8.5%; Austereo was up 7.4% and Macquarie Media was up 6.3%.
Media stocks are now enjoying improved market sentiment, the article reported.
Ah yes, but their perfect fall is a new investor’s opportunity.
Ten:
Poor management + shrinking market share + parent company CanWest facing oblivion = depressed share price.
That means hungry predators are around.
Expect to see a takeover inside a few months I’d say.
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