The beleaguered Australian media titan said this reflected both pressures on economic and advertising markets more generally – but also the loss of a commercial deal with Meta and its associated revenues.

Profit after taxes and minorities also registered a fall, set at $95M for the six months to December 2024; down from $134M in the prior corresponding period.

In its report, Nine spruiked the cultural transformation which had been rolled out since a third-party review published in October showed concerning levels of inappropriate behaviours, and made 22 recommendations for change.

This was followed less than two months later by an Action Plan that was endorsed by the company board to change its culture.

“We have worked together over the past six months to build a roadmap for strategic and cultural transformation,” Acting CEO Matt Stanton said, declaring the issue has been an important focal point for Nine.

“I am proud of the way our people have responded, with strong engagement and an overwhelming spirit of constructive optimism.

“I am confident that the changes we have made and continue to implement will ensureNine remains an integral player at the forefront of media in Australia.”

Nine shares were higher on Tuesday, and at 1:28pm they were trading at $1.69 – a rise of 3.53% since the market opened.

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According to the company’s 12-month financial report released today, EBITDA (earnings before interest, taxes, depreciation, and amortisation) were down 33% – to $187 million – in the 2024 fiscal year compared to the previous year.

There were also falls in group revenue – which was 5% lower in the 2024 fiscal year compared to the previous one, at $1,415 million – in addition to an 8.2% drop in the total TV market for the year.

The latter however, reflected a sharper downturn in the first half of the fiscal year – where the TV market slumped by 9.1% – which moderated in the 7.2% in the second half.

Despite this, Seven West did report a growth in total TV revenue by 40.2% across the year, with total linear audiences growing slightly by 0.5%.

SWM Managing Director and Chief Executive Officer, Jeff Howard pointed to a variety of factors explaining the result.

“FY24 is a tough result for SWM in a challenging market. While growth in audience and revenue share partially offset the impact of the weak market, cost growth of 2% contributed to our EBITDA decline of 33%, reflecting the operating leverage in our business,” he said.

“Following delivery of $25 million of cost out initiatives in 2H, we have taken decisive action to materially increase the program into FY25 to give SWM a platform to drive improvedperformance.

“The continued weak economic environment contributed to an 8.2% decline in the totalTV advertising market on FY23. SWM was able to partially offset this decline by increasing our revenue share of the total TV market to 40.2%.”

With the 2% cost rise registering $1,228 million, Mr Howard said action would be taken on this issue.

“The Group was able to partially offset these investments through the implementation of $25 million of cost reductions in the 2H under the program announced at the FY23 AGM,” he said.

Seven West Media has been trading at 16 cents.

On May 28, Soutern Cross said it would investigate whether taking on specific assets from Australian Community Media – comprising both print and digital news publications, as well as its agriculture division – would be in the company’s strategy.

However, today its board informed the market that the proposal would not be going ahead, saying in a statement that although ‘ACM’s digital and regional capabilities and content hold some attraction for SCA’, it had decided that ‘the relevant assets do not align with SCA’s audio-focused strategy and would not create value for SCA shareholders.’

However, the Southern Cross board wished Australian Community Media well in its digital transformation.

Southern Cross’ investments remain wholly focused on audio and television production and distribution, as it operates LiSTNR, the Hit and Triple M networks and regional television stations across Australia.

In radio, it owns more than 99 stations across FM, AM, and DAB+ under the Triple M and Hit network brands and provides national sales representation for 56 regional radio stations, while in television, it broadcasts over 96 free to air TV signals across regional Australia and represents or has a joint venture with 39 TV stations.

This includes broadcasting Network 10 programs in regional Queensland, southern NSW, and Victoria.

Australian Community Media – formerly known as Rural Press – runs more than 160 regional publications, including dailies the Bendigo Advertiser, the Illawarra Mercury, the Newcastle Herald and the Canberra Times.

Souther Cross has been trading at 61 cents.

The buzz was sparked by a Bloomberg article which suggested that Seven had been seeking financing for a takeover proposal.

In a statement issued to the market on Wednesday, Cleanaway claimed that, it was ‘not in any discussions with SGH (Seven Group Holdings) in relation to any form of corporate transaction or otherwise, nor has it received an approach or offer from SGH’.

Cleanaway shares have been trading at $3.10c.

The Real Estate sector has plunged nearly 2 per cent today ahead of global interest rates policy announcements. The RBA has begun two days of meetings to decide its next move, however it is widely tipped that rates will be kept on hold in Australia.

Financials and Materials are the strongest performing sectors – both up around a quarter of a per cent – hanging in there as iron ore has recovered after dipping today below US$100 dollars a tonne.

In other business news, taxi drivers and taxi licence holders in Australia are set to receive A$271.8 million in the fifth largest class action settlement in the country’s history. The payment will compensate taxi industry for lost income and licence values. More than 8000 drivers and taxi owners have been involved in the class action. The settlement is expected to end a trial which has been underway in the Supreme Court of Victoria.      

Meanwhile, Southern Cross Media Group (ASX:SXL) has been trading up more than 1.5 per cent as its Board considers a request from Citicorp Nominees, which holds more than 5 per cent of company votes, to remove chairman Rob Murray as a director. It comes while ARN Media (ASX:A1N) and Anchorage Capital Partners seek to acquire 100 per cent of Southern Cross.

Southern Cross has been trading at 97.5 cents.

Mineral Resources (ASX:MIN) has gained .2 of a per cent on news it’s buying Poseidon Nickel’s (ASX:POS) WA-based Lake Johnston nickel concentrator plant to convert it into a ‘lithium processing hub’ in a deal worth $15 million.

Lake Johnston has a nickel concentrator plant with a flotation circuit with a front-end capacity of 1.5 million tonnes per year. It has an airstrip, a 200-person camp and laboratories.

MIN has been trading at $66.04. Poseidon shareholders aren’t so excited by the news, the stock has dropped 12.5 per cent to point-7 of a cent.

South32 (ASX:S32) has temporarily shutdown its Groote Eylandt manganese operations in the Northern Territory after Cyclone Megan damaged the wharf.

Given that the mine is an open-cut operation, the company has flagged the potential that production will be impacted.

A further update on sales volumes will be issued ‘when access to the port and other infrastructure is restored’.

S32 has been trading at $3.11.

And Bubs Australia (ASX:BUB)  reported a 161 per cent increase in US sales compared to the same period last year.

Quarter-on-quarter growth reached  8.3 per cent.

Bubs’ CEO Reg Weine said if the momentum was maintained, the company could be cash flow positive and trading EBIT positive in FY25.

BUB has been trading at 13.5 cents.