A mixed year for Nine, up overall but radio is down

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.




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