NZME (New Zealand Media & Entertainment) own the leading radio stations and newspapers in NZ. On initial inspection, my main concern was significant stagnation in earnings growth over the past 5 years, however recent results show an increase in Net Profit (85%), Operating Revenue (9%) and EBITDA (4%), which sparked my interest. The attraction comes here in the form of digitising a base. They are in the process of trying to shift their daily readers to a subscription model for all their different brands and platforms. The current business is still undervalued on the ASX, even with its recent share price changes. This is not a business I am expecting to shoot the lights out, but the recent increase in profits, paying off of debt, and the declaration of the first dividend in 3 years, shows they are moving to a really cash positive position in the coming years, particularly if they can increase the numbers of digital subscribers.