THE media sector in South Africa is undergoing rapid transformation, which is leading to a divergence in share-price performance between traditional print publishers and companies that focus on new-generation content such as broadcasting and online media.JSE-listed media companies are AME (African Media and Entertainment), Kagiso, Naspers, Caxton and Times Media Group (formerly Avusa).The latter two companies are primarily exposed to the printing and publishing sectors, whereas the first three are in the broadcasting and entertainment sector. The difference in share performance between the two groups is telling.AME shares have risen by 29.4% over the past 12 months to September 18, Kagiso was up 16.6% and Naspers increased 39.6%.In contrast Avusa was down 1.7% for the 12 months before its shares were suspended pending its delisting. Although Caxton’s share price rose 12%, it lagged the top performers in the sector.

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