Nation Media Group (NMG) shares fell to a 13-year low of Sh 73.5 on Monday ahead of the company’s books closure this week.
Its stock has plunged by more than 76 percent over the last 48 months, wiping off more than Sh 45.43 Billion in market value. The media house is now valued at Sh 13.8 Billion going by Monday’s closing price.
NMG, which owns a number of local and regional newspapers, said business had been challenging in the first six months of the year, with earnings down by a significant 35.5 percent.
“It is quite clear that the legacy media is facing strong challenges with its topline declining over the years. Digital disruption is also a major contributor to this.” The company’s chairman Wilfred Kiboro noted at the investor briefing.
Kenya’s print media industry is struggling as advertisers and readers moved online, forcing several print publishers including NMG, Radio Africa Group and Standard Media Group to slash costs.
