When the media cap doesn't fit

Despite $5.5 billion in local media writedowns, the market capitalisation of many of the biggest players remains worryingly smaller than their intangible value.

This time last year Fairfax stripped $2.8 billion off its intangible assets – which is mainly goodwill acquired as part of past business acquisition; since then we have seen significant impairment charges from APN News and Media ($638 million), News Corporation ($1.4 billion), Seven West Media ($288 million) and yet another writedown from Fairfax ($459 million).

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