The CEO of Nine Network in Australia claims an after-tax loss of A$203 (US$tktktktkt) is only part of restructure that will benefit “the entire business in the mid-term”.
TV revenue was down 4.4%, with overall revenue and profit falling year-on-year.
“The strategic work we did over the past 18 months to reshape our content offering has delivered outstanding results that will benefit our entire business in the mid-term,” said Nine CEO Hugh Marks.
“With a strengthening balance sheet, and significant operational momentum and leverage, Nine enters the new financial year in a much stronger position. Our focus on creativity and content has never been clearer.
“The options available for us to monetise our content have never been more diverse. The media world of the future is video-based and we are right at the forefront of it in Australia.”
Nine, which shows formats such as The Voice Australia and Married at First Sight, saw its proportion of 25-54s grow to an average 37.1% share during the year, according to OzTam.