Nine Entertainment Banks Tax Credits as TV Earnings Find a Baseline
Fund managers say the Domain sale proceeds and asset divestments are unlocking meaningful tax benefits for the media group
11 May 2026 · 3 min read
In short
Nine Entertainment's sale of radio and NBN television assets is expected to generate $178 million of new tax credits.
First-half FY26 television EBITDA came in flat versus the prior year once Olympics-related distortion was stripped out.
Pendal Group reports a steady second-half trading update, with improving third-quarter revenue offset by softer fourth-quarter trends.
Media company Nine Entertainment used balance sheet capacity freed up by the sale of Domain to realise tax losses and generate fresh tax credits, even as its television earnings settled into a clean post-Olympics baseline.
A diversified media portfolio pursuing digital transformation
Maple-Brown Abbott's September 2025 update described Nine as one of Australia's largest media companies, spanning free-to-air television, broadcast video on demand, newspapers, radio and streaming, having invested significant effort over the past decade in building out its digital capabilities.
Post-Domain transactions unlock tax credits
Pendal Group's February 2026 update reported Nine announcing multiple transactions to utilise balance sheet capacity freed up after the sale of Domain, alongside realising tax losses that would largely offset tax payable. The sale of its radio business and NBN television assets was expected to generate $178 million of new tax credits.
Nine Entertainment (NEC, +5.1%) announced multiple transactions to utilise its balance sheet capacity post the sale of Domain, as well as realising tax losses that will largely offset the tax payable. The sale of radio and NBN television will generate $178 million of new tax credits.
— Pendal Group, Newsletter, February 2026
A clean baseline emerges after Olympics distortion
Pendal Group's March 2026 update reported a first-half result that beat expectations by 5 per cent at the EBITDA line, though much of the beat related to cost timing rather than a structural improvement. Pendal noted television EBITDA ended up flat versus the prior corresponding period, which it described as now a clean baseline once the distorting effect of Olympics-related metrics in the comparative period was stripped out.
A steady second-half trading update
Pendal Group's May 2026 update reported a second-half trading update largely in line with expectations, with better third-quarter revenue offset by softening fourth-quarter trends, alongside an increased rate of cost-out. Television delivered low single-digit revenue growth in the third quarter versus the company's own expectations, suggesting a period of stabilisation after the Olympics-driven volatility of the prior year.
Questions
What tax benefit is Nine Entertainment generating from its asset sales?
Pendal Group reported Nine Entertainment's sale of its radio business and NBN television assets is expected to generate $178 million of new tax credits, alongside realising tax losses that will largely offset tax payable following the earlier Domain sale.
How did Nine Entertainment's television earnings compare to the prior year?
Pendal Group said Nine's first-half FY26 television EBITDA ended up flat versus the prior corresponding period, which it described as a clean baseline once the distorting effect of Olympics-related broadcasting revenue in the comparative period was stripped out.
How did Nine Entertainment's second-half trading update look?
Pendal Group reported Nine's second-half trading update was largely in line with expectations, with better third-quarter revenue offset by softening fourth-quarter trends and an increased rate of cost-out initiatives.
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