Nine Entertainment has denied it is considering selling its premium business masthead The Australian Financial Review after revealing the publication’s profit margin and five-year growth rate for the first time in a trading update that sent the company’s share price up 10 per cent to 80¢.
The share price rise was a welcome change for frustrated investors in the media group who have watched the company’s stock slide about a third so far this year, to 73¢ at the start on Friday. Roughly 34 per cent of shareholders punished the company’s chairman and chief executive by delivering a first strike on executive pay.
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