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AAP

Business

Liz Hobday

It's bad news for Nine as profits plunge amid cost cuts

Nine Nine Entertainment Mike Sneesby Entertainment Olympics

Nine took a big profits hit but CEO Mike Sneesby has welcomed an Olympics audience boost. (Dean Lewins/AAP PHOTOS)

Profits at media giant Nine Entertainment have fallen almost a third to $134.9 million for the full year.

The company's accounts released to the share market on Wednesday show its statutory net profits dropped 31 per cent to the end of June 2024.

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