Mother Nature's Son
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Actually the impression I got from the last bit was that they might sell the FTA part and retain Stan as a streaming alone business because what the sale of Foxtel revealed there was value in streaming.
"The thing that caught many off guard in the sale to UK sports streamer DAZN for an enterprise value of $3.4bn was that it translated to a far higher earnings multiple than anyone had imagined
"It valued Foxtel at seven times 2024 earnings, whereas many in the market had put a valuation figure much closer to broadcast television territory of low single digits".
"This is far more than Stanton was banking on, and with Nine’s shares sitting at multi-year lows a capital raising to fund the deal would be out of the question. Still, it means where the market is undervaluing an asset, value can still be found in the right hands."
"A more radical play would be a full sale of Nine’s television operations to Gordon’s Win Corp, finally giving the regional broadcaster control of the national business it has long coveted.
"For Nine this still doesn’t solve the longer-term problem of Stan’s positioning in an increasingly crowded market. However, it leaves Nine with a simplified structure and earnings generated from higher-value businesses."
