Nine CEO Hugh Marks Set To Depart

Nine CEO Hugh Marks Set To Depart
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After five years at Nine, CEO Hugh Marks is set to leave the network.

An announcement will be made to the market on Monday, and Nine will then commence a formal process for both internet and external candidates for his replacement.

In an email from Marks sent to all staff and seen by B&T, he wrote: “After five successful years for Nine, I have decided the time is right for me begin the process of moving on. 

I want to take this opportunity to tell you what a privilege it has been leading this business over a truly transformational period for both the media market generally, and particularly our business.

 “We have gone from being three separate, legacy media businesses in Nine, Fairfax Media and Macquarie Media, each with their own structural challenges, and created a business that now has a diversified revenue base across both advertising and subscription, and that has a clear growth strategy for decades to come.

 “We have demonstrated the importance of great content, be that in the powerful and unique journalism we create every day, across all platforms, or in entertainment, where the shows we build become household names and engage Australians in their millions. Because at the end of the day, we are, and will remain, a content business.”

It is unclear his next moves.

On Thursday Nine gave a company and trading update at its annual AGM revealing an upgraded profits guidance, as well as its plan looking to the rest of the financial year.

During its August results, Nine expected Q1 free-to-air revenue to be down 15 per cent, which proved to be broadly correct.

However, since the end of September, the FTA advertising market and Nine’s share of that market, have both improved off the back of State of Origin and NRL Finals. As such, Nine’s December quarter is now expected to show growth in Metro FTA advertising revenue of around 15 per cent.

Nine now expects metro TV ad revenues in the December half to be broadly flat on the prior period, and 9Now revenues in the December half to be up around 25 per cent on the prior period.

It also expects to be up 30 per cent in first half earnings before interest, tax, depreciation and amortisation pre specific items.

 

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