Ann: Presentation of Half Year Results, page-16

The problem here is that the free to air advertising markets is falling 5-10% per year and they can't take out the costs quick enough. The Digital media space is not making up for this and with all the platform competition is unlikely to be big enough and anyway they have not proven how they monetise this. Saying that there is value here particularly with a merger and or takeover and a major cost out program with free cash flow of up to $50m in a reasonable market. Would buy more at lower prices but the downside risk is still there. If these guys are struggling how are Channel 10/Paramount going in Australia.