Fair go, Fairfax - Don't discount journalism

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Media mayhem likely

Thursday, 29 January 2009

AUSTRALIAN media companies may be poised to follow the lead of their foreign counterparts and begin slashing the value of assets such as broadcast licences and newspapers. With traditional media being hit by a collapsing economy and competition from new media, which leads to more fragmentation and an increased threat from Telstra, book values of assets such as TV licences and newspapers – and the goodwill attached to them – take on a new significance. According to a report released today by Goldman Sachs, Austereo has the highest level of intangibles compared with total assets among all local media companies at 90 per cent. Fairfax, with $3.9 billion in masthead and licence values and another $2.8 billion in goodwill, comes in next ay 78 per cent. Read more

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