Ann: Annual General Meeting - Chairman's and CEO's addresses, page-9

I don't want to be spruiking but I do consider value in buying and holding PRT purely on the fundamentals side at this price point and the company's earning potential with costs considerably under control. They also have the option to sign in new affiliation partners if SWM fees are not economically feasible. PRT will need to carve out new audience share rather than rely on existing ones.

I guess we will have to wait and see what unfolds. PRT is a value proposition for other media majors seeking to consolidate in this climate to ensure their survival to compete with the likes of digital/social media and CBS/TEN. However, I doubt a reverse t/o by PRT will be favourably looked upon by the banks unless it is considerably leveraged through BG/WIN - unlikely IMHO.