News: NEC Nine Entertainment Co reports FY NPAT of $120 mln, page-7

It's a reasonable point of concern. The conventional free-to-air model is coming apart, almost certainly, and those players you mention are among the disrupters. However, the model's shortcomings are widely known (and so priced in, I continue to believe). Management are also making some effort to broaden the revenue base (9Now, Stan) and control costs, if their latest presentation materials are to be trusted. I think stock has probably taken an excessively large hit. Of course, there are risks and you should do your own research. Any new developments that give management cause to significantly cut the dividend would send the share price lower. As an aside, it's encouraging to see value investors Maple-Abbott Brown on the register with an 8% stake (per filing mid-June).