Nope 
Does anyone have any progress updates on Nine’s move?
Apparently the lights on the first 10 levels of 1 Denison have been on for the past few weeks, suggesting the move is well underway. I believe the majority of the building is now complete as of this week?
Studio production is still scheduled to relocate sometime in October I believe?
The newspapers were supposed this month.
Nine Entertainment Co. FY20 Final Results
Nine has released its FY20 results for the 12 months to June 2020. On a Statutory basis, Nine reported revenue of $2.2bn and a net loss of $575m, which included a post-tax Specific Item cost of $665m, largely relating to impairment of goodwill.
On a pre AASB16 and Specific Item basis, Nine reported Group EBITDA of $355m, down 16% on the Pro Forma results in FY19 for its Continuing Businesses. On the same basis, net profit after tax and minority interests was $160m, down 19%.
Key takeaways include:
- Audience growth across all key platforms – Metro Publishing, Stan, 9Now, Radio and FTA
- Strong growth from digital video businesses
o $51m EBITDA improvement at Stan1, with current active subscribers of 2.2m
o 36% growth in EBITDA at 9Now1 to $49m, with market leading BVOD share of ~50% - Ad markets heavily impacted by COVID-19 from March 2020
- Nine was quick to mitigate the associated fallout with
o $225m cost-out program – cash basis, CY20
o Including increasing and expediting previous cost initiatives - 40% growth in digital EBITDA to $166m ($178m post AASB16)
- Evolution of Metro Media business to consumer focus, with reader revenue now accounting for 59% of total revenue
- Strong balance sheet, with (wholly-owned) leverage ratio
Hugh Marks, Chief Executive Officer of Nine Entertainment Co. said: “2020 was no doubt a challenging year. The results of the strategic growth decisions we have made over the past 5 years, have played out at scale across the year and, as a result, sheltered us from the worst of the market impact of COVID-19.
“Our focus on the growth platforms in the market – primarily digitally based, and video-centric – has paid off. In the year to June 2020, the combined contribution from Stan and 9Now, the digital components of Domain and Publishing grew by 40%, to around 48% of our total EBITDA. Digital video consumption and subscriber revenue in particular, have grown significantly across the period, while digital advertising markets have improved more quickly as we trade through the worst of the COVID crisis.
“On COVID more broadly we were quick to respond when the markets turned, transitioning the majority of our work-force to `work at home’ with minimal interruption. As advertising markets across all sectors came under pressure, we focused on significant short and long term cost initiatives across all of our businesses, successfully removing around $225m of cash costs in CY20, and setting in place the reduction of approximately $230m of long-term P & L cost from our business.
“As a result, the current market conditions have only given greater cause to continue to evolve the positioning of our business. Particularly the migration to digital – clearly evident across both our publishing and video assets. We will continue to drive growth in our increasingly prominent digital businesses while, at the same time, maximizing the performance of our traditional media assets.
“We are confident that this current period of adversity will only make us stronger. We believe we have the right strategy, the right assets and the right people, as well as a strong balance sheet, to ensure Nine’s position at the forefront of the media sector for many years to come.“
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Nine also reported a net debt of $291.2 million as of June 30 this year, but given its diversified businesses, it is in a healthier financial position than Seven West Media.
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During the Nine earnings conference call Hugh Marks was asked about television audience growth during and after the lockdown. He points out that advertising during the Nine News hour and A Current Affair brings in the most revenue.
Transcript of the conference call:
https://finance.yahoo.com/news/edited-transcript-nec-ax-earnings-024108848.html
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A few photos I found of an outdoor cafe area at North Sydney. Whether this is part of the cafe area where Nine will possibly do outside broadcasts, I’m not sure.
Source: Ron Montague of the Fairfax Media Retired Employees Association on Facebook.
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Good pics, doesn’t look like a particularly attractive spot from which to do OBs from.
Looks like any other office building in any other CBD really.
Certainly no Rockefeller Plaza, or even Martin Place.
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I’m hoping it’s not this area, and that the cafe area is another area, but it’s difficult to tell from the photos.
Looks like Nine Docklands, no way they’d wanna do anything outside there either.
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If they wanted an office building with something approaching a scenic or iconic spot for OBs, WHY North Sydney?
They should have gone for a location in Darling Harbour or Circular Quay.
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Rent most likely would have been more expensive?
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Barangaroo would’ve been the perfect location for them. Neil Breen had the right idea when he expressed a desire for a studio at that location some years ago when he was EP of Today. Beautiful location on the harbour without the iconic bridge and Opera House views in shot to scare off interstate audiences. A missed opportunity.
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But the rent would have been astronomical compared with North Sydney.
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For a small studio or newsroom like Seven has at Martin Place perhaps, not for a fully integrated headquarters. Would have cost an absolute bomb for zero financial benefit.
You can get nice views anywhere using cameras and high quality screens.
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Wasn’t something to do with a lot of their staff residing North of the Harbour Bridge (or something among those lines) a major reason why Nine went for North Sydney as the location of their new HQ?
Agreed. Let’s not forget that Nine’s Sydney 6pm bulletin has been using a liveshot of the Harbour while remaining at their Willoughby studios for about 16 years…
I don’t think it’s quite the same as with Martin Place for example, you can walk past and see the program in action, I think that helps to draw viewers in and to build a rapport with the public.
First glimpse into the new North Sydney newsroom.
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