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Nine Entertainment posts $160 million financial year loss on Warner Bros content writedown
August 23, 2017 / 11:38 PM / 4 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

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