“Media in Australia is evolving rapidly,” he said. “Through Nine’s premium content, broad distribution capabilities and strong balance sheet, we intend to remain at the forefront of that evolution.”

Revenue in Nine’s broadcast business fell by 1 per cent to $1.36 million, with costs rising 7 per cent and earnings before interest, tax, depreciation and amortisation (EBITDA) falling 20 per cent to $319.5 million, down on last year’s figures, but above pre-COVID levels, the company said.

The drop was largely owed to a struggling metro free-to-air advertising market, which declined 11 per cent year-on-year, and 15 per cent in the June half, Nine said.

Streaming service Stan was a strong performer, with revenue up 12 per cent, and earnings up 30 per cent to $37.1 million, with current active subscribers “approaching 2.6 million”. Costs increased by 11 per cent, partly owed to continued investment in Stan Sport.

Publishing revenues declined by 3 per cent to $575.2 million, with earnings down 8 per cent to $164.7 million, again down to a softer ad market, Nine said. Total subscription revenue grew by 3 per cent, with more than 460,000 active subscribers now across The Sydney Morning Herald, The Age, and The Australian Financial Review.

The results come amid a grim reporting period for Australia’s media companies. Radio-heavy ARN, which also delivered its half-year results on Thursday, saw its revenue fall 4 per cent and net profit excluding significant items slump 40 per cent. Its chairman, Hamish McLennan said radio advertising sales had been hit by reduced consumer spending and a slowing of the economy.

Meanwhile, full-year profits at Seven West Media fell by 18.2 per cent and 20.1 per cent at Southern Cross Austereo.

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