A defiant Nine Entertainment Co chief executive Hugh Marks has criticised industry rivals for slashing jobs and pay during the coronavirus pandemic and for failing to diversify their businesses after signing off on a stronger than expected half-year profit.
“A lot of other businesses talk about their podcasting and the revenue is one or two million,” Mr Marks said. “It’s just bullshit. If you are going to have a real diversification, they have to be businesses at scale. We’ve done that and the others haven’t.” Morningstar media analyst Brian Han was pleased with the results. “I’m impressed with the pace of structural cost cuts and digital transformation,” he said.“You don’t often see a media company with its roots embedded in traditional media to deliver 70 per cent plus earnings growth year on year. Hugh [Marks] can leave on a fairly high note and be pretty happy with where he’s taken the business over the last five years,” Mr Potts said. Martin Currie owns 5.85 per cent of Nine.
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