Nine Entertainment (ASX:NEC) reported strong operating performance in its wholly-owned businesses for the fiscal first quarter, according to a Thursday filing with the Australian bourse.
The company's subscription businesses in Publishing, Stan, Domain, 9Now, Radio, and Drive saw growth during the September quarter amid difficulties in the overall television advertising market, the filing said.
Nine's Total TV revenue grew 15%, largely due to the positive impact of the Olympics and Paralympics. Metro free-to-air revenue increased by single digits, while Broadcast Video on Demand revenue grew by nearly 50%.
The company said it remains optimistic about the second half of fiscal 2025 but does not see any signs of improvement in the total TV market, according to the filing. For fiscal 2025, it expects marginally higher Total TV costs and another year of growth at Stan.
Shares rose nearly 3% in morning trade Friday.
Price (AUD): $1.14, Change: $+0.03, Percent Change: +2.71%
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