As the wider media market continues to struggle, newspaper and outdoor company APN News & Media has revealed upcoming writedowns to its New Zealand assets amid a free fall in share price over the past week.
The media company has been struggling for some time in a flat market, and stated earlier in the year that its profits are expected to fall behind those of last year.
In a statement to the ASX, APN said: “There will be a non-cash impairment charge in respect of the New Zealand Publishing Intangible assets included in the company's half year results, the quantum of which is yet to be finalised.”
Meanwhile, the company's share price has been consistently falling since last week, and has dropped from 60 cents last Wednesday (18 July) to 52.5 cents today (at the time of writing).
The revelation comes at a troubling time for the newspaper industry. Fairfax Media has once again sunk to a new low, and at the time of trading was sitting at 52.5 cents.
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