Nine Entertainment’s TV revenues fall amid weak ad market
The media business says digital growth is offsetting weakness in its television and print businesses.
Media group Nine Entertainment reported a net profit of $95.1 million and a 5 per cent fall in revenue to $1.06 billion for the six months ended December 31.
Chief executive Matt Stanton said weak advertising markets across free-to-air television and digital publishing dragged revenues lower.
Total television revenues dropped 14 per cent to $508.2 million as the ad market remained weak.
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By continuing you agree to our Terms and Privacy Policy.Revenue in its publishing businesses that includes The Age, The Sydney Morning Herald and Australian Financial Review fell 2 per cent to $262.2 million over the six month period.
Nine did not break out any numbers for individual digital masthead subscriber numbers. Advertising revenues in its publishing business tumbled 14 per cent over the half-year period.
“We’re seeing continued strength in the subscriptions markets and a more positive start in advertising - all underpinned by Nine’s strong content slate. It’s an important time for Nine, and one that is laying the foundation for our future growth,” Mr Stanton said.
Over the half the group also announced a deal to acquire the QMS outdoor advertising business for $850 million and sold its commercial radio business for $65 million.
The company will pay an interim dividend of 4.5 cents per share on earnings of 6 cents per share.
