Figure 1: ANZ media share price changes February 2026

Source: Firehawk. Only includes top 10 movers.

Key developments

Overall, the media sector in Australia and New Zealand struggled to maintain their positions over 2024 with the deterioration of economic conditions. 2025 promised relief, but unexpected softness in the advertising market has depressed share prices, especially of traditional media, and early 2026 results have highlighted low or negative revenue growth.

oOh!media

oOh!media’s stock dove around 18% during February after the company released its full year 2025 results. oOhmedia! delivered a resilient CY25 results despite a softer second-half advertising market, with the company reporting total revenue of $691.4m (up 9% YoY) and an 8% increase in adjusted underlying EBITDA to $139.1m. Adjusted net profit after tax rose 7% to $63m, supported by significant contract wins like Transurban and record Out of Home agency media spend. While the Auckland Transport contract loss impacted New Zealand operations, the group maintained a strong 35% market share and increased its final dividend by 14%.

GTN

GTN’s stock declined by around 12% during the month, after the company reported a challenging 1H FY26. GTN reported group revenue declining 14.7% to $82.5m as radio advertising markets tightened globally. The company’s operations in Australia, UK and Canada all declined while Brazil had a modest uplift. This volatility necessitated a $41.5m impairment charge, particularly impacting UK assets. Strategically, the company is exiting the aviation sector in Australia and Canada to drive cost savings. Despite these headwinds, GTN executed a $43.9m return of capital to shareholders.

News Corp

News Corp’s stock declined by around 13% during February, despite the company’s strong Q2 FY26 results. News Corp reported revenue rising 6% to US$2.36b and total segment EBITDA increasing 9% to US$521m. Performance was spearheaded by record digital advertising at Dow Jones and double-digit profit growth in Digital Real Estate Services. While net income declined 21% due to prior-year investment gains, adjusted EPS rose to $0.40. Strategically, the company expanded AI licensing partnerships and significantly accelerated its share buyback program

Figure 2: ANZ media valuation multiples

Source: Firehawk. Blank results are due to a lack of equity research analyst coverage, the EV/Revenue multiple being above 25x, or the EV/EBITDA and EV/EBIT multiple being less than zero or above 60x

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