Nine Entertainment has released its Annual Report to shareholders that has shown mixed results for the integrated media business.

In FY19, on a Pro Forma basis, the traditional Broadcasting business contributed just over half of Group revenue, down from 84% in FY18, marking a real change in the drivers of Nine for the future, and driven mainly from the merger with Fairfax Media.

The merger was reflected in the 40% increase in the Group Revenues, up to $1.8 billion and an EBITDA increase of 36% to $350 million.

Despite a good performance for the Group, Macquarie Media hasn’t performed as well as expected even though it has top-rating News Talk stations 2GB and 3AW and combined with 4BC and 6PR had an average audience growth of 5%, but a revenue decline of 3%.

Costs were up slightly (1%) and along with an increased investment in Macquarie Sports Radio there was a 16% decline in EBITDA to $27 million.