Shares in Nine Entertainment Co Holdings Ltd (ASX: NEC) hit a fresh 12-month low on Thursday, but to discern why, you need to look beyond the company's announcements.
Indeed, the company didn't release any news to the ASX on Thursday, raising the question of what has driven the shares down more than 6%.
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Key personnel jumping ship
The answer likely lies in the loss of two senior executives across both the company's broadcast and print journalism divisions.
Firstly, Amanda Laing, who oversaw the company's streaming and broadcast division, is leaving just 18 months after taking on the role.
Ms Laing is a seasoned executive, having worked at Foxtel, ACP Magazines, and formerly as general counsel for Nine.
The Australian Financial Review (AFR) is reporting that Ms Laing's role will no longer exist going forward.
Separately, the Editor-In-Chief of the AFR, James Chessell, has jumped ship to former AFR journalist Joe Aston's start-up Rampart.
Rampart said:
As well as leading Rampart's growing editorial team, James will write a regular column and co-host Rampart's new weekly news vodcast with Joe, launching in early 2027.
Launched by Aston about 18 months ago, Rampart produces regular long-form business articles as well as podcast interviews.
Aston revealed last month that Rampart had accepted $2.3 million in investment from five partners, including former Nine Chief Executive Officer David Gyngell and Ellerston Capital Executive Chair Ashok Jacob.
The deal values the company at $28.75 million.
Aston said further:
Rampart didn't need external capital to continue on its already steep trajectory as one of Australia's fastest growing media brands. The company was profitable in financial 2025, profitable again in financial 2026, even after the rapid growth in our headcount in recent months, and would've been profitable in 2027. But with our business model now well-proven, I decided there is no time like the present to turbocharge investment in Rampart's journalism (which in turn will boost our audience and revenue growth); to establish an external market valuation for the company; and to advance our next phase with an incredibly high-quality group of equity partners.
Nine forecasting profit growth
For its part, Nine reported revenue of $2.19 billion in FY26, up 3%, and net profit of $147.2 million, up 11%.
On the outlook, the company said:
The change to our portfolio mix, implemented over the past 12 months, has resulted in Nine's growth assets (Streaming – Stan and 9Now, Outdoor and Digital Publishing) expected to contribute more than 60% of Revenue and c70% of EBITDA in FY27. As a result, Nine expects to report another year of pro forma revenue and EBITDA growth in FY27. Driving this performance, will be further growth from Nine's subscription businesses of Stan and Digital Publishing, as well as Outdoor (QMS).
Nine Entertainment shares on Thursday hit a 12-month low of 66 cents before recovering slightly to be 6.2% lower at 68 cents.
The company is valued at $1.15 billion.
