Nine Entertainment Co has trounced on talks of up to $60 million in losses on its London Olympics coverage as "horse shit".
Multiple industry executives have told AdNews that Nine Entertainment Co's chief executive David Gyngell has floated a loss of up to $60 million on the Olympics to some people in the market.
However, sources have also suggested Gyngell might be inflating the figure as part of a broader move to cap the cost of renewal rights for the next Olympics.
Several reports have already suggested a loss of between $20 million and $40 million.
However, a Nine spokesperson has argued the talk of Gyngell floating up to $60 million in losses is “horse shit”. “It's emphatically wrong. It's sheer invention. Those figures are just fabrication. It doesn't do the industry any good for people to be making up figures like that.”
Another source told AdNews the figure Gyngell is actually floating is closer to $25 million.
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