Nine Entertainment Co.

Who owns Nine Entertainment?
Nine Entertainment Co. is a publicly traded company listed on the Australian Securities Exchange under ticker NEC. The company is owned by its shareholders, primarily institutional investors, superannuation funds, and individual shareholders across Australia. No single shareholder holds a controlling interest.

Is Nine Entertainment publicly traded?
Yes, Nine Entertainment Co. is publicly traded on the Australian Securities Exchange (ASX) under the ticker symbol NEC. The company has been listed since its formation through the merger of Nine Network and Fairfax Media in 2018.

When was Nine Entertainment founded?
Nine Entertainment Co. was formed in December 2018 through the merger of Nine Network, established in 1956 as one of Australia's first commercial television networks, and Fairfax Media, established in 1831 as a newspaper publisher. The merger created Australia's largest integrated media company.

Who is the CEO of Nine Entertainment?
Matt Stanton serves as Chief Executive Officer and Managing Director of Nine Entertainment Co., having been permanently appointed in March 2025 after serving as Acting CEO since October 2024. Stanton joined Nine as Chief Strategy Officer in 2022 and previously served as CEO of Bauer Media (now Are Media), Chief Transformation Officer at Woolworths, and CEO of Barambah Organics.

What is the Domain sale?
In August 2025, Nine completed the sale of its 60% stake in Domain Holdings Australia, a property listings platform, to CoStar Group for net after-tax proceeds of AUD 1.4 billion. The price represented a 60% premium to the 60-day volume-weighted average price. Nine returned more than half to shareholders via a special dividend of 49 cents per share and used the remainder to pay down debt.

What is Nine Entertainment's revenue?
Nine Entertainment reported revenue of AUD 2.69 billion for fiscal year 2025 (year ended June 30, 2025), up 2% from AUD 2.63 billion in FY2024. Group EBITDA (before Specific Items) was AUD 486 million, down 6%. Net profit after tax and minorities (before Specific Items) was AUD 166 million, down 12%.

What brands does Nine Entertainment own?
Nine operates Channel 9 (free-to-air television), Stan (subscription streaming), 9Now (broadcast video on demand), The Sydney Morning Herald, The Age, The Australian Financial Review, 9News, and Drive (automotive classifieds). The company previously held a 60% stake in Domain Holdings, which was sold to CoStar Group in August 2025.

Nine Network traced its origins to 1956 as one of Australia's first commercial television networks, broadcasting from Sydney. The network became known for news, sports, and entertainment programming, including the long-running 9News bulletin and major sports rights including rugby league and cricket.

Fairfax Media had operated since 1831 as one of Australia's oldest newspaper publishers, owning major mastheads including The Sydney Morning Herald, The Age, and The Australian Financial Review. Fairfax had undergone its own digital transformation in the years leading up to the merger, developing digital subscription models and online platforms.

In December 2018, Nine Entertainment Co. completed the merger with Fairfax Media in a deal valued at approximately AUD 4 billion. The merger combined Nine's television broadcasting assets with Fairfax's newspaper publishing and digital platforms, creating Australia's largest integrated media company. The merger was approved by the Australian Competition and Consumer Commission and the Foreign Investment Review Board.

Following the merger, Nine integrated operations across television, print, and digital platforms. The company invested in streaming platform Stan, which was launched in 2015 as a joint venture between Nine and Fairfax. Stan grew to become Australia's leading local streaming service, competing with Netflix, Amazon Prime Video, and Disney+.

In 2024, Nine faced a significant cultural crisis. In May 2024, the Board commissioned an independent review into workplace culture by Intersection, a workplace culture specialist firm. The review, released in October 2024, found concerning reports of inappropriate behavior in the workplace, particularly in the Television News and Current Affairs division. The review made 22 recommendations, which Nine adopted in full through a Culture Action Plan released in November 2024. The plan contained 24 actions across four priority areas: People and Culture, Leadership, Policy/Procedures/Governance, and Diversity/Equity/Inclusion.

CEO Mike Sneesby departed in September 2024. Matt Stanton was appointed Acting CEO and subsequently confirmed as permanent CEO in March 2025. Stanton launched the Nine2028 program to drive strategic and cultural transformation, restructured the executive team, and reorganized the business into three pillars.

In May 2025, Nine agreed to sell its 60% stake in Domain Holdings Australia to CoStar Group, a U.S. real estate data company. The sale was approved by Domain shareholders on August 4, 2025, and completed on August 27, 2025, delivering net after-tax proceeds of AUD 1.4 billion to Nine. The price represented a 60% premium to the 60-day volume-weighted average price. Nine returned more than half of the proceeds to shareholders via a special dividend of 49 cents per share and used the remainder to pay down debt.

For FY2025, Nine reported revenue of AUD 2.69 billion, up 2% from FY2024. Stan was the standout performer, with revenue up 10% to AUD 492 million and EBITDA up 31% to AUD 60 million. Stan's paying subscribers reached approximately 2.5 million, boosted by the addition of English Premier League rights which added 200,000 subscribers in the first two weeks. 9Now revenue grew 19% to AUD 225 million. Publishing revenue declined 6% to AUD 526 million, though digital subscription revenue grew 10%. Domain revenue grew 6% to AUD 413 million with EBITDA up 7% to AUD 146 million.

At the November 2025 AGM, Chair Catherine West reported that Nine had generated a total shareholder return of more than 55% over the prior 12 months, driven by the Domain sale and improved operational performance.

Nine has faced significant controversies, primarily related to workplace culture and the independent review conducted by Intersection in 2024.

Workplace Culture Review: In May 2024, Nine's Board commissioned an independent review into workplace culture by Intersection, following reports of inappropriate behavior in the Television News and Current Affairs division. The review, released in October 2024, found concerning reports of inappropriate workplace behavior, including sexual harassment. The Information, Media and Telecommunications industry had the highest prevalence rate of workplace sexual harassment across all Australian industries at 64%, nearly double the national average of 33%. Nine released the report in full, signaling a commitment to transparency. The Board adopted all 22 recommendations through a Culture Action Plan containing 24 actions across four priority areas. As of November 2025, Nine reported making significant progress on implementation, with senior leaders' remuneration connected to cultural-specific measurements.

Executive Departures: The culture review and related controversies led to the departure of CEO Mike Sneesby in September 2024. Nine disclosed AUD 2.15 million in termination payments relating to Sneesby, including entitlements owed. The company also faced scrutiny over executive remuneration, with CEO Matt Stanton's total FY2025 remuneration of AUD 3.2 million disclosed in the annual report.

Advertising Market Challenges: Nine has faced headwinds from a broadly weaker advertising market in FY2025, particularly in traditional television and print advertising. The company has responded by accelerating digital transformation and growing subscription revenue, but advertising remains a significant revenue stream vulnerable to economic cycles.

Meta and Google Disputes: Nine, along with other Australian media companies, has been affected by disputes over the Australian News Media Bargaining Code. Meta (Facebook) withdrew from paying for news content in Australia, resulting in the loss of revenue that had previously been negotiated under the Code. Nine has maintained commercial agreements with Google, but the Meta withdrawal has impacted total revenue.

Domain Sale Scrutiny: The decision to sell Nine's 60% stake in Domain to CoStar Group was debated by some analysts who questioned whether Nine was divesting a growth asset at the wrong time. However, the 60% premium to the 60-day VWAP and the AUD 1.4 billion in net proceeds were generally viewed as favorable for Nine shareholders.