The share price of Nine Entertainment dropped hard after releasing full year results showing the media returning to profit with strong growth in the ad market.
A short time ago, the shares were down about 10% to $2.66, still well above the year low of $16.90.
Nine posted a 76% rise in net profit after tax, excluding specific items, to $277.5 million for the year to June. Statutory profit was $183.96 million compared to a loss of $507.75 million the year before.
However, analysts say the market was surprised at the sports rights costs for streaming play Stan.
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