Nine’s earnings fall as softer economy hits advertising demand

Chief executive Mike Sneesby said Nine’s television business, which includes its free-to-air channels as well as 9Now, had an extraordinary year, with record revenue share results.“Media in Australia is evolving rapidly,” he said. “Through Nine’s premium content, broad distribution capabilities and strong balance sheet, we intend to remain at the forefront of that evolution.”

The drop was largely owed to a struggling metro free-to-air advertising market, which declined 11 per cent year-on-year, and 15 per cent in the June half, Nine said.

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Nine posts $195m profit, driven by investment in contentNine Entertainment Co has posted a net profit after tax and before specific items of $262 million, the second-highest result since the group&x27;s relisting in 2013.
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Nine’s earnings fall as softer economy hits advertising demandNine Entertainment Co. has posted a drop in full-year profit as the economic slowdown hurt advertising sales at its television, streaming and publishing businesses.
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