News Corp

Major Australian TV network Nine posts $160 million loss

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.

Seven West Media Ltd., which owns Nine Network's main ratings rival Seven Network, posted a AU$744 million loss on Aug. 16 in another indication of the financial strain on Australia's traditional media landscape that has prompted the government's latest attempt to loosen ownership restrictions.

Ten Network Holdings Ltd., owner of the only other major free-to-air broadcaster, Ten Network, appointed administrators in June after its billionaire...

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