They probably surprised a little bit on the profitability of the Nine Network, which was a good surprise. Their revenue on TV was down and EBITDA was down 13.1 percent but I think a lot of people thought it would be down more than that.

Craig Shepherd

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The combination of the good people that surround him, with the experience that James Packer's had, means they will have the capacity to execute those plans.

— Craig Shepherd

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It was just moderately lower than our expectations. With the first-half result, it is clear revenue would not necessarily beat last year's, in full year terms.

— Craig Shepherd

The fact they've turned a low margin operation into a good margin operation demonstrates to me that there is expertise there and gives me some confidence in their New Zealand purchase.

— Craig Shepherd

They laid it on the line that the Nine Network would be run for profitability rather than ratings going forward.

— Craig Shepherd

That needs to be followed through over the next 18 months.

— Craig Shepherd