AGM season: Sport is key for future at Seven and Nine

Both Seven West Media and Nine held their annual general meetings yesterday, with a focus on sporting rights and fiscal responsibility.

Given the current cost-of-living crisis, and the cascading impacts of spending patterns, Nine chairman Peter Costello noted “cyclical softness in advertising markets” and that Domain, which Nine owns 60% of, has been “affected by interest rate impacts on the property market”. Likewise, CEO Mike Sneesby acknowledged the “tougher economic conditions which have impacted the broader industry.”

Despite this, Nine delivered its second-highest EBITDA ($591m) and net profit ($262m) in history for FY23 – second only to the previous year. “Our cash flows and balance sheet are strong,” Sneesby said.