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Sunday September 22nd, 2019 8:17AM

Major Australian TV network Nine posts $160 million loss

By The Associated Press

CANBERRA, Australia (AP) — Nine Entertainment Co. is the latest Australian free-to-air television network owner in the red, posting a 203 million Australian dollar ($160 million) loss for the last fiscal year due to a weak advertising market and asset write downs.

The loss for the year through June posted on Thursday followed a AU$33 million profit in the previous year.

Seven West Media Ltd., which owns Nine Network's main ratings rival Seven Network, posted a AU$744 million loss this month in another indication of the financial strain on Australia's traditional media landscape.

Ten Network Holdings Ltd., owner of Ten Network, appointed administrators in June after its billionaire backers, Lachlan Murdoch and Bruce Gordon, refused to guarantee a new AU$250 million bank loan.

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