Nine Entertainment's chief executive, Matt Stanton, has expressed confidence in a "world of growth in publishing," citing new laws designed to compel tech platforms into commercial agreements. This outlook comes as the network implements significant cost reductions across its newsrooms.
Parliament recently passed revamped media bargaining laws, which allow for levies on global tech platforms that do not reach deals with Australian news outlets for the use of their content. Mr Stanton informed analysts on Wednesday that he anticipates contributions from platforms like Google and Meta, the owner of Facebook, to be comparable to their previous 2021 arrangements.
The company is undertaking a cost-cutting initiative exceeding $160m over a three-year period as part of a business revamp. This includes a recently announced redundancy programme at the Sydney Morning Herald and The Age newsrooms, which have been affected by a prolonged weak advertising market. Nine reported broadly flat revenue from its publishing arm and a slight decline from its streaming and broadcast unit, despite a record result for Stan.
Nine recorded a full-year net profit of $142m from its continuing businesses. Mr Stanton stated that the company is prioritising "growth assets," such as its newly acquired digital outdoor media company QMS, while reducing its involvement with "structurally challenged and smaller assets."