Shares are set to open modestly lower; S&P 500 edges higher; iron ore advances; oil pulls back; Woolworths flags special dividend. Follow updates here.
A weak TV advertising market stripped $119 million from Nine Entertainment’s TV division, dragging revenue down 3 per cent and profits down 22 per cent. Nine owns the Nine Network, streaming service Stan, radio stations 2GB and 3AW, news outlets including The Sydney Morning Herald and The Australian Financial Review, and has a majority stake in property platform Domain. It reported revenue of $2.62 billion in the 2024 financial year, and profit of $216.4 million.
6 million and earnings were down 7 per cent to $152.6 million. Nine said it expected “positive trends” in the TV market going forward, saying it was up 10 per cent on last year – which is largely due to the Paris 2024 Olympic Games. Otherwise, the market would decline by “low-mid single digits”. Subscription and licensing accounted for more than 30 per cent of Nine’s revenue, not including Domain. Also without including Domain, Nine’s costs for 2024 were lower than 2023 .
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