Top Nine executive resigns amid operational review

Nine Entertainment’s head of sales, one of the media group’s most experienced executives, is leaving the company ahead of a likely restructure of its operations.

Michael Stephenson has been with Nine for 18 years, led its commercial strategy through the $4 billion merger with Fairfax, and has been the chief sales officer since 2016.

He was Nine’s second highest-paid executive in financial year 2024, with a full remuneration of $1.25 million, behind only former chief executive Mike Sneesby.

Nine’s sales chief, Michael Stephenson, is leaving the company. Credit: Dominic Lorrimer

The veteran executive’s departure also comes as Nine, the owner of this masthead, is looking for a permanent replacement for Sneesby, who stepped down in September. Stephenson, who was in the running to lead Nine following the exit of Hugh Marks in 2021, had flagged his interest in the top job after Sneesby’s exit.

However, interim chief executive Matt Stanton is likely to be confirmed as Nine’s CEO on a full-time basis in the new year, according to industry sources speaking on condition of anonymity.

Stanton is currently leading a strategic review of Nine’s operations, aided by consultancy firm EY, which includes potentially shifting the company into four new reporting divisions. The review teams will report back in February.

Stephenson, who was responsible for advertising revenue for all of Nine’s divisions, will be replaced in the interim by Nine’s former Melbourne managing director, Matt James.

Subject to significant speculation over his future at Nine after his role was removed in November, James stayed on, moving into a senior strategic advisory role. He now moves up in Stephenson’s place.

Stephenson’s departure caps off a year of exits at Nine. Chair Peter Costello also left, while broadcast news boss Darren Wick departed amid controversial allegations of improper conduct.

The allegations prompted Nine to launch a comprehensive review of its workplace, which revealed a culture of widespread bullying, abuse of power and sexual harassment at the organisation.

Stephenson is the latest high-profile departure at Nine since the release of the review’s findings, joining the head of Nine’s Sydney newsroom, Simon Hobbs, and former Queensland news boss Amanda Paterson.

There has been no suggestion that the departures of Sneesby, Costello, Hobbs, Paterson or Stephenson were related to the review’s findings or subsequent complaints filed in relation to the review.

Stephenson told this masthead he would reveal his next move shortly.

“It’s time for my next challenge,” he said, adding that he wanted to pursue his ambition of leading an Australian media company.

He has been linked to a role running the country’s top media buying group, Omnicom Media Group. Incumbent chief executive Peter Horgan is set to leave the business this month but the job has since been awarded to the group’s top investment executive, Kristiaan Kroon.

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