Nine lowers earnings forecasts after decline in TV advertising revenue

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Nine lowers earnings forecasts after decline in TV advertising revenue. 9News

Chief executive Hugh Marks told Nine's annual general meeting today that TV ad revenue fell by 6.4 per cent in the first quarter, while he also signalled a second-quarter drop by at least as much again.

Nine said its radio division had also experienced soft market conditions - exacerbated for Macquarie Radio by the advertiser boycott around the Alan Jones program on 2GB.Shares in Nine were 7.05 per cent lower at $1.715 after the first 15 minutes of trade today, having earlier equalled the six-month low of $1.705 last hit in August.

"There was always going to be a shift in earnings contribution in this financial year due to timing issues, particularly the one-off costs in the TV business - however, the current advertising market conditions will mean that our first half result is now expected to be approximately 10 per cent down on pcp ," Mr Marks said.

 

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