I agree for the most part. Buying more assets doesn't equal to a...

I agree for the most part. Buying more assets doesn't equal to a higher market value, clearly, as HT&E bought Grant Broadcasters in Nov-2021 for $307m. The share price has since more than halved (as has SXL, who did not spend $307m on buying assets).

I do believe however, that it's possible for SCA to turn the ship. No doubt they've committed an excessive headcount to build their listnr product and advertising clientbase. They need a haircut (a big one) to push revenue into the strong green profit territory.

Edit: If they really wanted listnr to work and to compete with international media, it's in the best interest of all main commercial networks (ARN, SCA, Nine, Nova) to collaborate. A joint venture for digital audio is a good idea IMO.