Nine’s acting boss will cut another $50 million in costs from the business as part of a plan to “expedite the evolution” of the media company away from its traditional television business, arrest its languishing share price, and implement a cultural reset.
Nine’s share price has been on a steady decline this year, falling 45.8 per cent, from $2 in January to $1.10. Senior executives have privately said Stanton’s front-footed approach is a welcome change from the perceived indecisive approach of his predecessor, Mike Sneesby, who they say often preferred to wait for external factors to lead his decisions.
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