Nine profits

The most important news in the Australian media industry this week wasn’t Nine Entertainment’s $115 million sale of its struggling Australian Community Media stable. It was the update issued the next day, where Nine revealed higher revenues for its legacy businesses in the free-to-air TV network and Fairfax Media’s metro newspapers.

This was an update that mostly escaped even Nine’s own former Fairfax newspapers. The bottom line is that Nine will be the most profitable Australian-owned media business this year and next -- a point that will be underlined in a week’s time from what will be a weak quarterly report for News Corp and its Australian papers and Foxtel.