Yestira Rosalinda Jeni Tanesib (1), Sutiman (2)
This study evaluates the bankruptcy risk of Free-to-Air (FTA) media companies on the IDX for the 2020–2024 period using the Modified Altman Z-Score model. Using purposive sampling, the research focuses on three industry leaders: PT Media Nusantara Citra Tbk (MNCN), PT Surya Citra Media Tbk (SCMA), and PT Visi Media Asia Tbk (VIVA). The secondary data from annual financial statements evaluates four key financial ratios: WCTA, RETA, EBITTA, and BVEBVD. The results highlight a clear contrast in financial health. MNCN and SCMA consistently maintained positive scores over the five-year period, securing their position in the safe zone. In contrast, VIVA repeatedly posted negative values, reflecting severe financial distress and placing the company in the bankruptcy zone. Ultimately, the Modified Altman Z-Score model proves to be an efficient early warning tool for assessing financial resilience and vulnerability in the media sector amid ongoing market disruptions
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