That great sucking sound in the March quarter was Nine Entertainment gobbling up all interest among investors in the listed Australian media sector, helped by the ratings success of Married At First Sight, and then the news that the network had snapped up the rights to the Australian summer of tennis for $60 million a year. Investors assume that means Nine will beat Seven to win the 2018 ratings and take a bigger share of shrinking TV ad revenues.
Nine Entertainment shares leapt 47% in the quarter, boosting the value of the company from just under $1.1 billion to a shade under $2 billion by close on the Thursday before Easter. That will make sure the bonuses will be available for collection by senior management post June 30. But Nine might be facing a problem next summer -- it seems Seven and Foxtel have the box seat to pick up the cricket from later this year with media reports suggesting Cricket Australia summarily rejected the linked offer from Nine and Ten