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The Guardian - AU
The Guardian - AU
Business
Amanda Meade Media correspondent

Nine profits dip 10% as Domain sale windfall to be invested in digitising archives and AI tools

Nine Domain Matt Stanton Stan Australia CoStar Entertainment
Nine logo on a mirrored building
Nine will reportedly pay out $840m in dividends to shareholders after the sale of Domain Group to the American firm CoStar. Photograph: James Ross/AAP

Nine Entertainment will spend $50m digitising 200 years of newspaper archives and 60 years of TV and invest in new AI tools but has stopped short of revealing what media assets it may acquire with a cash windfall from the sale of Domain.

Speaking at Nine’s full-year results, the chief executive, Matt Stanton, said the sale of Nine’s 61% stake in the real estate portal went through on Wednesday and provided a significant capital return to shareholders as well as a stronger balance sheet for Australia’s biggest media company.

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