The Fairfax Media (ASX:FXJ) and Nine Entertainment (ASX:NEC) share prices have slumped ahead of their planned merger after Fairfax flagged a five per cent drop in revenue.
The 177-year-old media group on Friday said group revenue for the financial year-to-date was down five per cent on the prior corresponding period, with falls across its metro media newspaper division, community media and New Zealand unit Stuff.
Property listings group Domain Holdings (ASX:DHG), which is 59.4 per cent owned by Fairfax. boosted digital revenue six per cent but its total revenue was one per cent lower.
Fairfax spun off Domain last year, retaining a stake. The Domain share price fell 40 cents or 12.5 per cent to $2.80