Unique: Rumours are swirling of redundancies in 9’s broadcast division however the firm is remaining tight-lipped.
9 is remaining tight-lipped amid rumours of serious deliberate redundancies in its broadcast division.
Crikey understands dozens of jobs are slated to be misplaced.
A single sentence was all a 9 spokesperson would offer in response to Crikey’s questions concerning the plans: “As change happens within the media {industry}, we’re all the time evolving to finest meet the wants of our enterprise in an effort to stay the market chief.”
A 9 supply advised Crikey there was “large value slicing” on the corporate’s agenda, however that the corporate hoped to keep away from making cuts to information packages.
The information follows a disappointing outcome for the corporate in its most up-to-date half-yearly outcomes, with web earnings falling 40% amid an industry-wide downturn in promoting spending. 9 did nevertheless fare higher than its friends, with Seven falling 53% over the identical interval.
9 can be hoping to recuperate a few of its losses in promoting later this yr, having secured the unique broadcast rights for $305 million to this yr’s Paris Olympic Video games, in addition to the following 5 summer season and winter video games by means of to Brisbane 2032. The corporate’s funding within the video games doubles as of venture on its streaming belongings, with protection out there on its subscription streaming service, Stan. 9, in a individually negotiated deal, has additionally secured the 2024 Paralympic Video games for an undisclosed sum.
9 CEO Mike Sneesby stated on the time of the announcement that “by the point we get to the Paris video games, there can be extra folks streaming than ever earlier than.”
Media author Tim Burrowes not too long ago advised Crikey that whereas the present high-interest financial setting contributed to the promoting downturn, some firms had been higher positioned than others to recuperate, having already taken a physique blow courtesy of the withdrawal of Meta from its Australian information offers.
9’s chief gross sales officer Michael Stephenson advised analysts not too long ago that he was more and more assured that the promoting downturn had reached its lowest level.
