For the September quarter, this Western Australian newspaper publisher produced another strong result, with a 16% increase in net profit to $29.8m. The West Australian flagship newspaper was the driver again and the result is in stark contrast to the newspaper publishers in Sydney and Melbourne. But, then again, that’s what a mining boom will do for you.

About the only other media company doing as well is Kerry Stokes’ Seven Network, which has bought a 14.9% stake in WA News recently. We think it’s likely that Seven will make a full bid for WA News when the new laws come into effect next year. But paying top dollar for any business isn’t a good idea, even if it’s a likely takeover target. The stock is up 15% since issue 206/Aug 06 (Better Value Elsewhere—$9.10), so there’s even BETTER VALUE ELSEWHERE.