I don't necessarily think the outlook for gaming is inhibited by the TV network, and both can be run quite successfully together. |
It was just moderately lower than our expectations. With the first-half result, it is clear revenue would not necessarily beat last year's, in full year terms. |
It's been trading in a pretty tight band around $16.50 for about four months, so a bit of the uncertainty was already priced in. |
That needs to be followed through over the next 18 months. |
The combination of the good people that surround him, with the experience that James Packer's had, means they will have the capacity to execute those plans. |
The fact they've turned a low margin operation into a good margin operation demonstrates to me that there is expertise there and gives me some confidence in their New Zealand purchase. |
They laid it on the line that the Nine Network would be run for profitability rather than ratings going forward. |
They probably surprised a little bit on the profitability of the Nine Network, which was a good surprise. Their revenue on TV was down and EBITDA was down 13.1 percent but I think a lot of people thought it would be down more than that. |