Are these 2 ASX 200 media shares a bargain?

Challenges remain, but analysts see upside for the battered stocks.

Two popular ASX 200 media shares — REA Group Ltd (ASX: REA) and Nine Entertainment Co Holdings Ltd (ASX: NEC) — are currently circling their 52-week lows.

REA shares are down 20.5% to $186.49 over 6 months, while Nine Entertainment has tumbled 32% over the same period to $1.13, at the time of writing.

Although the reasons behind the fall differ, both companies are under pressure from a combination of structural challenges, regulatory scrutiny, and shifting investor sentiment.

With share prices well off their highs, investors are now asking the question: does this sell-off present a buying opportunity, or are there more headwinds ahead?

Let's take a closer look at the ASX media shares and see how analysts are reading the situation.

A couple stares at the tv in shock, with the man holding the remote up ready to press a button.

Image source: Getty Images

REA Group Ltd (ASX: REA)

REA Group shares, which give investors exposure to property platform realestate.com.au, have taken a noticeable hit in 2025.

Importantly, the sell-off appears to be driven more by sentiment and concerns around future growth than by any major deterioration in the underlying business.

The ASX media share continues to dominate its market, benefits from strong pricing power, and is still delivering earnings growth. Even though the share price has fallen, REA's latest results show the business continues to grow.

In the first quarter of FY26, revenue rose by about 4% compared with last year, while profits increased by roughly 5%, supported by steady demand in REA's key markets.

That said, several factors have made investors more cautious. The ASX media share reported a decline in new national property listings, which has raised questions about near-term growth. Adding to the uncertainty, the ACCC launched an investigation into the company's pricing practices in May.

Despite these concerns, analysts have not turned overly bearish. Macquarie has a neutral rating and a price target of $220. Other brokers are more optimistic. UBS has a price target of $255, which points to a 37% upside.

While some targets have been trimmed recently, the average 12-month price target for the ASX 200 media stock still sits 11% above the current price.

Nine Entertainment Co Holdings Ltd (ASX: NEC)

Nine Entertainment's share price decline has been more dramatic in the past 6 months. Part of the drop was technical rather than purely fundamental.

In May, the company sold its 60% stake in Domain, returning capital to shareholders via a special dividend. When the stock went ex-dividend on 11 September, the share price fell sharply by 34% to reflect that payout.

However, the ASX media share is facing genuine operational challenges. Analysts are increasingly wary of the company's heavy reliance on its free-to-air television business, which remains highly exposed to a softer advertising market.

As a result, some brokers have downgraded revenue forecasts for 2026 from around $2.7 billion to closer to $2.3 billion.

Looking ahead, Nine's key challenge will be stabilising earnings from its traditional television and radio assets. The ASX media share will have to achieve meaningful growth through its digital platforms such as Stan.

Macquarie's research team has expressed continued caution, pointing to uncertainty around free-to-air advertising spending and the need for disciplined cost management to support earnings.

Even so, analyst expectations have not collapsed. Most brokers have trimmed their price targets recently, with the 12-month price average now sitting at $1.31. That suggests potential upside of 16% from current levels.

The majority of analysts continue to rate the stock as a (strong) buy, largely reflecting the significantly lower share price.

Motley Fool contributor Marc Van Dinther has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nine Entertainment. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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