The upcoming first-half earnings statements will not be pretty reading for many traditional media companies and will show the increasing strength og web-based properties, according to an analyst.

Southern Cross Austereo and APN Media could be two of the biggest hit when they reveal their trading status later this month, according to Credit Suisse analyst Samantha Carleton, who says they have “potential to negatively surprise the market”.

However, Seven West Media may be one of the surprise packages, as its shares have made a steady recovery and the revelation main asset Channel Seven dominated free-to-air TV revenues last year.

Carsales.com.au and the REA group are two other new media assets singled out for their potential to report better than expected results, with increase in dealer prices and a massive cash pile credited respectively.

However, Southern Cross’ problems at the end of last year, which included the Royal phone prank scandal, damaged its TV and radio revenue shares, whilst an acceleration in print declines could do the damage to APN.