August 23, 2017 / 11:37 PM / 7 months ago

Nine Entertainment posts $160 million financial year loss on Warner Bros content writedown

(Reuters) - Australian television broadcaster Nine Entertainment Co Ltd (NEC.AX) on Thursday reported an annual net loss, compared with a profit the previous year, as it wrote down the value of an “onerous” content supply contract with Time Warner Inc (TWX.N).

    Nine’s net loss for the year to end-June was A$203.4 million ($160.81 million), compared with a net profit of A$33.2 million the previous year.

    The result included an A$86 million provision to “exit the life of series obligations on a list of U.S. dramas and comedies with Warner Bros”, Nine said, referring to the Time Warner production unit.

    Reporting by Christina Martin in Bengaluru; Editing by Byron Kaye and Stephen Coates

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below