Last year can safely be regarded as the straw that almost broke the camel's back for media companies as they suffered the ripple effects of the global financial meltdown. Hardest hit were advertising revenue reliant print media firms, which were affected by the drastic cuts in marketing expenditure.

Internationally, iconic firms such as The New York Times Company and Ireland-based Independent News & Media (INM) have been brought to their knees. Their value has decreased and their stocks continue to plummet.

Locally, the situation, though similar, is not that dire. Media group Avusa, owner of 50% of BDFM, publisher of the FM, lost 30% in value in the 12 months to May 12, while its counterparts Caxton/CTP Publishers fell 18% and African Media Entertainment (AME) dropped almost 20%.

The sector experienced significant retrenchments earlier this year and the closure of several publications. Caxton, which publishes The Citizen, described 2008 as undoubtedly one of its most difficult periods in many years.

But the situation should improve later this year driven by the boost in increased advertising from Fifa's official sponsors for the 2010 soccer World Cup.

Not relying on this expected turn of events though is Naspers, which has refused to let the downturn discourage its expansion plans. SA's top performing media company at position 34 - up one notch - Naspers intends taking advantage of the global slowdown to acquire online media assets in developing markets at a bargain.

Having bought two in Eastern Europe last year, investors can expect another "deal or two" in India, in the coming months. Naspers has been eyeing the market for some time now. It is targeting the developing markets of Asia, Eastern and Central Europe as part of its growth strategy.

It can afford to do so. Naspers has a net profit of R38,7bn (March 2008) and more than R5bn in its cash kitty.

Its main revenue generator pay-TV provider MultiChoice continues to be unchallenged.

This, however, might change this year as three new pay-TV operators are expected to launch. But it will be some time before they pose a serious threat to the company, whose footprint spreads across the continent.

Radio group Kagiso Media, owners of Jacaranda FM and Durban's East Coast Radio, has also managed to survive the storm so far. The company, which ranks at 173 on the survey this year, draws 57% of its revenue from its radio assets. Realising that this sector will soon be opened up to more players, Kagiso has spent the past few years trying to diversify its revenue streams.

It has finally shut down its loss making events division and is positioning itself as a content provider to the new pay-TV licensees.

The Independent Communications Authority of SA's announcement that it will be issuing new radio licences, opening the market up to other players, should also benefit AME, which ranks at 287 this year.

The company needs to enter the lucrative Gauteng, KwaZulu Natal and Western Cape markets if it is to be a significant media player. It currently owns only OFM in the Free State and Algoa FM in the Eastern Cape.