Scorecard: Mike Sneesby failed at Nine, but first he gave the company a future by launching Stan
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Most high flying media careers end in failure. That includes Mike Sneesby’s wasted three years at Nine
In the end, there’s always a final straw.
For Mike Sneesby, it was the verdict of the investment market. This week, Nine’s market capitalisation fell below $2bn.
The same market that assigned a valuation of $5bn to Nine on the day Sneesby was announced as CEO in 2021, concluded the company’s future is now worth $3bn less.
Sneesby inherited an annual EBITDA profit number of $564.7m in the 2021 financial year. Last month he delivered a number of $517.4m for FY24. That’s a painful decline but understandable in this market. So the much bigger fall in share price tells a story of a market that stopped believing in the company’s prospects under Sneesby and his board.