On Wednesday December 3, just after the markets closed, News Corp traded its entire 13% stake in ARN, more than 40 million shares at 44c per share.

The trade ends a decade long investment by the Rupert Murdoch founded US based organisation in what was then known as APN News and Media Limited, a ‘high quality portfolio of Australian and New Zealand radio and outdoor assets and small regional print interests.’ That 2015 transaction also noted that APN was led by quality management who had successfully improved the performance of the business. By comparison now News Corp’s share price is just shy of $44, ARN’s, as the shares were traded, 44c.

It was just 12 months ago that all eyes were on the future of SCA, Southern Cross Austereo, after a failed takeover bid by ARN and a dramatic reduction of front and back end staff. Their outlook, with the pending merger with Seven West Media and a much better ratings year in most metro cities, has vastly improved.

For ARN, despite glittering Upfronts in October, the rest seems to be in disarray. Full year EBITDA is expected to be approximately 25%-27% below last year and the organisation have this week also made redundant Chief Audience and Content Officer Lauren Joyce.