Nine Entertainment posted a 31% fall to $134.9 million in net profit after tax for the year to June in a challenging market.
Revenue was down 3% to $2.6 billion.
Total TV revenue fell 10% to $1.13 billion over the full year, impacted by a "weak" advertising market which continues into the current September quarter.
Stan revenue, with paying subscribers at 2.3 million, was up 5% to $447.7 million.
Nine Publishing reported revenue down 3% to $559 million. Print advertising fell 9% and digital advertising by 16%.
Audio revenue dropped 3% to $103.3 million.
Group digital revenue grew 5% and represents about half of all revenue. Subscription and licensing also grew 5% and is 39% of group revenue.
The media group says the current financial year started on a positive note, with strong audience and revenue performances across multiple platforms driven by the Paris Olympic Games.
The underlying advertising market remains "subdued" particularly for free-to-air television, digital display and print. However, Nine expects "more positive trends" as the year progresses.
The Total TV market is currently expected to decline in the low-mid single-digits in the current September quarter.
Cost cutting continues, with $65 million out in the year to June, and $100 million expected to the end of the 2025 financial year
The company announced a full franked dividend of 4.5 cents a share.
“In a year of challenging economic and advertising market conditions, there were some clear positives in this result," said CEO Mike Sneesby.
"We have seen growth in our Total Television audiences this year as we have continued to invest in our content, standing us in good stead as we approach agency negotiations for CY25.
"As we continue to focus on the diversification of our revenues, Subscription and Licensing at Nine’s wholly owned businesses, Stan and Publishing, together grew by around 5%, to more than 30% of Group revenue ex Domain.
"This is a positive performance, particularly against the backdrop of economic and competitive market conditions - of particular note, our Metro mastheads grew both overall subscription and digital revenues across the year.
"Over the past couple of years, we have been focused on rebalancing our cost base. In FY24, Group costs (ex Domain) were down on FY23, notwithstanding underlying inflation, allowing us to continue to invest in the content, data and technology that generates returns and underpins our long term strategy and competitive position.
"Our industry has been the subject of significant regulatory review over the past 12 months, including Prominence, Anti-Siphoning and gambling advertising.
"We have also seen the News Media Bargaining Code challenged as Meta demonstrates its intention to disregard the policy behind the Code. The common theme across the majority of these regulatory matters relates to the increasing dominance of global tech companies."
Nine's results for the year to June 2024:
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