Apparently we are about to witness the return of Channel Nine as a listed entity on the Australian share market. Nine Entertainment is believed to make its come-back from private equity ownership with a valuation of between $1.9bn-2.2bn. It will be the largest IPO this year in Australia, but is it worth owning the shares? Granted, the impact from new technologies on newspapers and magazines is many times more fierce for print publishers such as APN News & Media ((APN)) and Fairfax Media ((FXJ)), but that doesn't automatically make TV operators immune. I'd argue quite the opposite and see ongoing challenging times ahead. Structural decline, as we are witnessing for TV, is a process that unfolds over many years and in Australia the transformation has arguably only just started. Imagine what readily available, fast broadband can do to the sector?