Nine on the lookout for deals

At a conference held by investment bank Macquarie Group in Sydney today, Simon Kelly described Mr Gyngell as “a passionate man” who has the full support of the board.

It came after News Corp obtained photographs of the Nine chief executive in a fistfight with Crown chairman James Packer at the weekend.

“David is a passionate leader, he lives and breathes the business, he has 100 per cent support of the management and the board and he has been in the office working,” he said.

He moved on to say it was a private matter, refusing to comment further.

Mr Kelly also flagged acquisition plans, potentially of a regional network, and reiterated that Nine hoped to secure 40 per cent audience and advertising market share — currently around 37 per cent — by winning share from the Seven and Ten networks.

“In the last few years, we have been taking share from Ten,” Mr Kelly said.

On the acquisition front, Mr Kelly said deregulation was on the horizon, which could open up an opportunity.

“The regionals (are) important because the affiliate arrangements are just very inefficient,” he said.

“ Affiliate organisations, outdoor we think is a good fit and radio — they are the assets we have talked about.”

But he said prices still seemed expensive.