CEO Mike Sneesby quits Nine Entertainment after torrid year

Nine Entertainment chief executive Mike Sneesby has followed his chairman and his TV news boss out of the door, as the embattled media company’s “annus horribilis” hit another low yesterday.

Sneesby told staff on Thursday that he would be gone by the end of this month, saying: “This year has been one of the most challenging in my career — one where our resilience has been tested.”

Those tests began in earnest in May when revelations about the alleged inappropriate behaviour of long-time TV news boss Darren Wick exploded to the surface.

Wick walked out — with a $1 million golden handshake signed off by Sneesby — after a wave of allegations from female staff about alleged verbal or physical misconduct.

A month later, when a journalist attempted to ask then-chairman Peter Costello about the culture within his organisation, he was accused of assaulting the reporter while refusing to answer the questions.

Mr Costello initially said the reporter fell over an advertising placard. The former federal treasurer fell on his sword and quit days later.

That left Sneesby with a falling share price, a looming report from an external agency into the allegations against Mr Wick and others, and a disgruntled workforce.

In July, Sneesby and the rest of his executive were given the indication that at least their workforce was united — when they voted to go on strike after months of failed pay negotiations, and news of dozens of journalistic redundancies.

That walkout coincided with the beginning of the Paris Olympics, the first part of Nine’s $305m rights deal to broadcast the next three Summer and two Winter Games.

It was reported Nine had been quoted $1.2m for its executive leadership and star talent to stay at luxury accommodation in Paris, including Le Pavillion de la Reine where Sneesby stayed over at a cost of up to $2500 a night.

And it also came as pictures of Sneesby carrying the Olympic torch along the streets of Paris were beamed back to Australia — hours after he told his own journalists he was “profoundly disappointed” at their action.

That enraged both staff and the Media, Entertainment & Arts Alliance union — who adopted Don’t Torch Journalism as their campaign slogan. Nine’s staff accepted an improved pay offer following the industrial action.

In the 2024 financial year, Nine reported Mr Sneesby’s total remuneration would be $2.12m, including $521,117 in bonuses.

At the same time, the company — which owns Channel Nine, streaming service Stan, talkback radio stations 6PR, 2GB and 3AW, The Sydney Morning Herald, The Age, The Australian Financial Review and WAToday — revealed their full-year earnings had fallen 31 per cent to $134.9m.

In an email sent to staff on Thursday morning, Mr Sneesby said he would leave the company on September 30.

“In consultation with my family and those close to me, I made a personal decision to consider new opportunities in 2024 after seeing through the important work we are doing around our workplace culture and the outcomes of the cultural review,” he said.

“Despite the intensity of the scrutiny, my focus has not wavered from achieving the best outcomes for our people and for Nine.”

Matt Stanton, chief finance and strategy officer, will be the acting chief executive after Mr Sneesby’s departure.

This week Nine’s human resources boss Vanessa Morley said an external review of the company’s workplace culture — including a look at the news and current affairs division — would be delivered at the end of October.

Michelle Rae, acting director of MEAA Media, said the strike had been effectively a vote of no confidence in Sneesby by his own staff.

“They want an end to the cover-ups and big payouts for bad behaviour by Nine executives,” Ms Rae said.

”They want an end to the overseas junkets to the Paris Olympics and other events. And they want an end to the mindless cuts. This opportunity must not be lost.”