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“We have committed to take a further $50 million of underlying costs out in FY25 – equating to a two-year total of around $100 million,” he said.

Stanton highlighted the individual value of Nine’s 60 per cent stake in digital real estate business Domain, its publishing assets (including The Sydney Morning Herald, The Age and The Australian Financial Review), streaming service Stan and broadcast streaming platform 9Now as growth businesses, despite shedding billions in value.

A trading update, published ahead of the AGM, said television advertising continued to weigh on Nine despite audiences remaining strong. “While we remain more optimistic about the second half of FY25, we are seeing no tangible signs of improvement to date,” the update said.

On the cultural review, Stanton said he and chief people officer Vanessa Morley were leading Nine’s response to the widespread issues it revealed – such as bullying, belittling and sexual harassment – that included a plan to address the 22 recommendations made in the independent Intersection report.

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“It is still early days, but there will be change at Nine and individuals will be held to account for behaviour of this nature. The board and management are absolutely united on the need to accelerate change and to support workplace reform,” Stanton said.

Senior executives have privately said Stanton’s front-footed approach is a welcome change from the perceived indecisive approach of his predecessor, Mike Sneesby, who they say often preferred to wait for external factors to lead his decisions.

During his address, Stanton also touted the company’s growing use of AI, which was used to produce 60 articles for nine.com.au in September that repurposed broadcast TV segments as new content.

Stanton and West also touted the opportunities presented to Nine by generative AI, including discussions with tech firms over compensation for the use of Nine’s content.

“Nine’s approach to generative AI has evolved over the past 12 months,” Stanton said. “We have engaged, to varying degrees, with the major generative AI platforms about the use of Nine’s content and IP to develop their models, their platforms and their consumer experiences.”

While Stanton has firmed as the front-runner to be appointed on a full-time basis, a formal appointment is not expected until 2025. However, the board’s backing of a long-term plan suggests growing support for his leadership.

“The board has empowered Matt to get on with the job and drive both the strategic and cultural transformations of Nine,” West said.

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