Ann: Digital acceleration delivering on NZME's 2023 strategy, page-2

"We are engaging with Google and Facebook with regards to them accessing and supporting editorial content."

This is huge. Everyone thinks old media is dead, and while I don't think this is going to be a big driver of growth in earnings, it is far to early to write these assets off as near worthless at some suggest.

Regulation has already been implemented in many countries around the world to force big tech companies to pay for media content, and it is clear that Google and Facebook here are trying to get on the front foot to do deals with the major content producers.

When they do, it will lock in a baseline stream of income, which should at least help offset the issues of declining advertising revenue.

In summary - the business is still priced cheaply, old media is not dead and their digital real estate assets provide a good shot at delivering some big returns.