Austereo Shares Fall

Shares in Austereo have dropped, in the wake of disappointing ratings results in Survey #7.

Austereo Group Ltd is Australia’s biggest radio broadcaster and owns the Triple M and Today FM networks.

Most Triple M stations lost audience around Australia in the latest survey, while 2Day, Fox and SAFM all suffered falls in their markets.

Austereo faces tough competition this financial year, with DMG’s four new FM licences due to come on air in Adelaide, Brisbane, Melbourne and Sydney.

In response to Survey #7, Austereo Chairman, Peter Harvie, said the market is volatile, but the company is adjusting to the turbulence, ensuring it continues to lead the overall industry – now and into the future.

Austereo Group Ltd shares fell three cents to $1.57 yesterday. However, it should be pointed out that most media stocks pulled back after a stellar run since the Coalition election victory raised the prospect of media law changes and takeover speculation. Austereo’s shares were trading around $1.30 before the election.

APN News & Media shares were steady at $4.85, but shares in Southern Cross Broadcasting fell six cents to $14.00.