“As chief executive officer, his achievements include guiding the company out of the challenging COVID-19 pandemic, securing the rights to the Olympic Games through to 2032 and progressing the strategic and cultural transformation of Nine,” West said.
“The world-class coverage of Paris 2024 showcased the power of the Nine’s diversified portfolio of premium media assets.
“It’s also important to acknowledge Mike’s immense contribution to the success of Stan, building a successful streaming service that now boasts a broad entertainment and sport footprint with more than two million paying subscribers.”
Nine chief financial officer Matt Stanton has been appointed as interim chief executive.Credit: Dominic Lorrimer
Sneesby’s departure comes shortly after the exit of longstanding chair Peter Costello, who was replaced by Nine’s deputy chair West in June.
Nine is the publisher of The Sydney Morning Herald and The Age and also owns the Nine Network, commercial radio stations 2GB and 3AW, as well as streaming service Stan, Domain and The Australian Financial Review.
On Wednesday afternoon, Nine’s chief people officer Vanessa Morley said the company’s external review into workplace culture – which includes a review into the News and Current Affairs division – is on track to be delivered at the end of October.
“We remain committed to sharing the findings of the report with you and expect to be in a position to do so by the end of October,” Morley said.
Catherine West replaced former federal treasurer Peter Costello as chair in June.Credit: Sydney Morning Herald
This report was instigated after staff unrest prompted by sexual harassment allegations levelled against Nine’s former head of news and current affairs Darren Wick. Nine’s management has been criticised for not acting more swiftly to remove Wick after a number of complaints, along with the handling of his exit.
Costello departed shortly after, following an incident in Canberra Airport where he allegedly pushed over a News Corp journalist who was asking questions about Sneesby and the turmoil. Costello’s departure prompted a turbulent few months, which included the first staff strike in Nine’s history, with publishing staff walking off the job for five days when negotiations for a new enterprise bargaining agreement stalled.
Sneesby was criticised for being pictured carrying the Olympic torch in the lead-up to the strike, which came shortly after Nine announced 200 staff redundancies, including up to 90 in the publishing division. He later defended the move.
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The company’s full-year results, delivered two weeks ago revealed a 31 per cent dip in profits, while revenues also fell 3 per cent. Executive bonuses were cut after the group failed to hit its EBITDA target of $533 million set by Nine’s board.
During his tenure, Sneesby secured a landmark broadcast rights deal for the winter and summer Olympic Games until Brisbane 2032 in a $305 million deal. He also retained the free-to-air broadcast rights for the NRL and oversaw subscription growth at both Nine’s publishing mastheads and streaming service Stan.
Nine has been canvassing interest in its digital real estate business Domain, according to a recent column by The Australian Financial Review’s Street Talk team.
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