Nine Entertainment chief executive search narrows

The process to find a replacement for outgoing Nine Entertainment chief executive Hugh Marks is understood to have narrowed to two parties. (Photo by Scott Barbour/Getty Images)

The process to find a replacement for outgoing Nine Entertainment chief executive Hugh Marks is understood to have narrowed to two parties, with Stan boss Mike Sneesby still in the mix, along with an external candidate.

Sources say Chris Janz, Nine’s digital and publishing boss, is no longer in contention for the role.

The understanding is that some members of the Peter Costello board hold differing opinions on the right candidate.

While Mr Janz is considered a seasoned operator, some say Mr Sneesby is better equipped when it comes to commercial content negotiations — a major component of his role running Stan.

Nine is said to have been impressed with the performance of the streaming service, on which it is increasingly reliant for earnings growth. Stan is said to be generating at least $50m of annual earnings before interest, tax, depreciation and amortisation.

Speculation surfaced last year that Nine had been considering a float of the streaming service provider, given it is estimated to be worth about $1bn and now accounted for a major part of Nine’s overall market value.

This is as free-to-air television earnings remain on a downward trajectory.

However, market experts say that all of the major Australian networks received a revenue lift before Christmas that was larger than expected.

With respect to the external candidate, it is understood that there is much focus on a number of high-profile women in media.

The understanding is that Nine’s recruiters have been asking plenty of questions about former Blackmores and Australia Post boss Christine Holgate, a former board member of Network Ten who is believed to be keen on the position.

Aspirations are said to exist for Amanda Laing, Foxtel’s chief commercial and content officer — who is also a former Nine executive — to run its stable, or the highly regarded News Corp executive Tracey Fellows.

Ms Fellows, the former REA Group boss, is News Corp’s president for global digital real estate.

The abrupt departure of Mr Marks after five years at the helm of the Nine Network was announced in November and came after he confirmed he was in a relationship with former direct report Alexi Baker, who left the company late last year.

Nine, which owns the free-to-air broadcaster Channel 9 and newspaper titles including The Sydney Morning Herald, The Age and The Australian Financial Review, has hired search firm Spencer Stuart to find his replacement.

However, expectations are that Mr Marks’s actual departure will be some months away yet, with the media executive not said to be in any hurry to head for the door. Mr Marks has also maintained publicly that he is prepared to stay on in his role until June.