Nine CEO Mike Sneesby insists Olympics will make money after claims of $60m in losses
The suggestion that Nine’s expensive Olympic gamble may result in a potential $60 million loss has prompted CEO Mike Sneesby to give his first media interview since sexual harassment scandals, Peter Costello’s controversial exit, and 200 job losses rocked the media company.
In an interview with AFR, Sneesby refused to be drawn on any topic other than his declaration that “Nine will be profitable on the Paris Olympic and Paralympic Games”.
According to Sam Buckingham-Jones, who conducted the interview for the Australian Financial Review, Sneesby “declined to comment on a decision to cut some 200 jobs, or on an ongoing review of sexual harassment and inappropriate behaviours at Nine”.
Nine paid $305 million for an Olympic broadcast package which includes Paris 2024, Los Angeles 2028, and the Brisbane 2032 Olympic and Paralympic Games – plus two Winter Games that fall in the timeframe.
Mike Sneesby, Nine’s chief executive officer.
The Australian reported over the weekend that Nine’s $120 million-plus outlay on the Paris Games means “a tough financial outcome is looming”, citing “several sources” that claim the network is likely to write revenue of between $60 – $80 million, leaving it with $50 million in losses.
Not so, insists Sneesby, who claims: “We’ve now written $135 million of revenue across the Olympic and Paralympic Games.”
Another unsubstantiated claim made by The Australian over the weekend puts Sneesby in the actual Paris 2024 torch relay, with Margin Call reporting “the most tone-deaf CEO in the country” will join the final days of the relay, and that Nine will point to former managing director Jeff Browne having been part of the 2012 London relay as way of an excuse.
Sneesby didn’t address his direct involvement in the Games — other than to assure that “there’s certainly no executives that are travelling to the games for the purpose of spectating” — nor did the interview address further News Corp claims that panicked Nine staffers held a secret off-site meeting at a North Sydney pub last week.
Darren Wick
The Sunday Telegraph again quoted an unnamed source, who told the paper: “Some senior Nine staff have held a private meeting at a pub in North Sydney after hours to express concern about a number of employees including Fiona Dear who they fear was too close to Darren Wick while he allegedly sexually harassed an employee. Fiona is well liked, but staffers haven’t forgotten how close she was to Darren.”
The paper also revealed one Nine staffer is “currently consulting with a lawyer and is close to making a formal complaint”, while clarifying the complaint is not about Dear.
Last month, law firm Maurice Blackburn put out a call to women in the commercial television industry who have been affected by sexual harassment and unlawful discrimination, confirming it is “currently assisting a number of women in the commercial television industry to pursue claims of sexual harassment and unlawful discrimination”, without specifying a particular network.
Blackburn is also acting for the woman who filed a formal complaint against Nine’s disgraced former news boss, Darren Wick.
Wick was reportedly the subject of complaints from “more than a dozen former and current TV journalists from the Nine Network”, which led to the current third-party investigation into wrong-doing at the network.
A Safework NSW spokesperson also confirmed to Mumbrella it “is making inquiries into the recent allegations involving Nine Entertainment”.
Subscribe to the daily newsletter
Got a tip?
Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
Linkedin
Have your say