Two media stocks to benefit from possible media law shakeup

During H1FY17, Nine Entertainment Co. Holdings Ltd (ASX: NEC) had reported 4.5% and 6.4% year-on-year (yoy) decline in revenue and EBITDA at $659 million and $120 million respectively. Net Profit after Tax declined by about 4% yoy to $75 million. Results were impacted by specific Items of $312 million after tax, primarily a $260 million non-cash impairment of goodwill and the $85m (pre-tax) settlement to exit key elements of the output deal with Warner Bros. However, the company witnessed 71% growth in registered users and 74% growth in catch up streams at 9Now across six months. Further, the company disposed of its interest in Southern Cross Media (SXL) during the period for a pre-tax gain of $29m. Interestingly, on-demand businesses are growing strongly and its AVOD platform & 9Now with more than 2.9m registered users providing a growing first-person database that enables advertisers to target audiences.The company’s SVOD Joint Venture Stan, is clearly the leading domestic player in a growing space with more than 700,000 active subscribers and heading towards positive cash flow during FY18.   


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