The rights to the Paris 2024 Olympic Games through to Brisbane 2032 cost Nine $305 million.
Nine Entertainment chief executive Mike Sneesby pictured in Sydney on Wednesday.The ASX-listed company snatched the Olympics away from TV rival Seven West Media. Mr Sneesby has said the games deliveredNine allocated $77.3 million in working capital related to the Olympics and flew more than 200 people to Paris to cover the Games, generating 5000 hours of content. Mr Sneesby said the event would be “materially profitable”.
Nine’s free-to-air television assets, which include the Nine Network and streaming app 9Now, posted revenue of $1.1 billion, down 10 per cent. Stan boosted revenue 5 per cent to $447.7 million, and earnings by 24 per cent to $46 million. Publishing revenue fell 3 per cent to $558.6 million and earnings were down 7 per cent to $152.6 million.
Nine will cut $100 million in costs over the 2024 and 2025 financial years while looking for better returns. It has introduced seasonal pricing for its TV ads, based more on supply and demand than pre-determined deals. It has been increasing the price of Stan, and subscriptions for its news mastheads.
. Foxtel owns a cable TV business, TV operating system Hubbl and streaming platforms Binge and Kayo Sports.A possible option would be the sale of its 59 per cent stake in Domain, which has beento its News Corp-controlled rival REA Group, the owner of realestate.com.au.
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