TLDR
Nine Entertainment's share price dropped 8.75% across the week to 23 September 2026, closing at A$0.73, with television chief Amanda Laing departing in the same week. Analysts are split heading into the TV advertising buying season, when networks lock in the bulk of their forward revenue.
KEY TAKEAWAYS
Nine Entertainment (ASX: NEC) closed at 73 cents on 23 September 2026, down from 80 cents at the start of the week, a fall of 8.75% in five trading days.[1] The shares fell 1.36% on the Wednesday. The Unmade Index, a daily benchmark of ASX-listed media and marketing stocks, captured the slide as part of a broader rough run for the stock.[2]
What the Unmade Index records
The Unmade Index tracks the share prices of ASX-listed media and marketing companies.[2]
The annual television advertising buying season, when networks sit down with agencies and large advertisers to lock in forward revenue commitments for the year ahead, is now imminent. Nine goes into those negotiations seven cents a share lower than a week earlier,[1] and without a television chief. Amanda Laing left the company the same week.
Where analysts sit on Nine
On 6 September 2026, Jarden upgraded Nine Entertainment to Buy from Overweight, setting a price target of A$1.15 per share, a figure that now sits well above where the market is trading.[3] The upgrade arrived alongside a frank assessment of the earnings damage from Nine's sale of Domain, its property listings business, to CoStar Group.
Jarden said "the sale of the Domain business to CoStar drives a 21% reduction to the fiscal year 2026 earnings per share estimate and a 16% reduction to the fiscal year 2027 earnings per share estimate for Nine Entertainment Co.Holdings (ASX:NEC)."[5] A 21% reduction in a single financial year's earnings-per-share estimate is roughly the equivalent of losing one in every five dollars a company was expected to earn per share.
Jefferies took a different read. On 3 September 2026, the investment bank's analysts summarised their position as "Nine Entertainment Growth Assets Offset Legacy Media Headwinds."[4] The argument is that Nine's streaming service 9Now, subscription platform Stan and its outdoor advertising operations carry enough growth momentum to absorb the drag from traditional broadcast television.
Jarden's earnings-per-share cuts of 21% for FY2026 and 16% for FY2027 followed Nine's sale of Domain to CoStar, announced 6 September 2026.[5] Nine operates television broadcast, 9Now streaming, Stan, publishing and outdoor advertising. Jefferies rates that spread as sufficient ballast; Jarden's numbers suggest it has not yet outweighed the Domain loss in investor eyes.[4]
Annual TV deals are set by relationships and audience guarantees, not share prices. Nine's ad sales team will still need to hold the room while analysts publicly disagree about whether the business model holds, and while the television chief's seat sits empty. The company's next trading update is expected alongside interim results in early 2027.
SOURCES & CITATIONS
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Xaviery Malinao writes for Prompt the Market on how brands and agencies are adapting to answer engines, drawing on Bushnote's work with clients across search, AI search and content.
Important
This article contains general financial information only and does not constitute financial advice. It is not personal financial advice and does not take into account your individual circumstances, objectives or needs. Before making any investment decision, please consider whether it is appropriate for your situation and consider seeking advice from a licensed financial adviser. Past performance is not a guarantee of future results.
