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Nine – Fairfax Merger Flash
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The proposed A$4.2bn merger of Nine Entertainment and Fairfax Media will produce one of the largest players in the Australian media landscape.
This deal is on the table thanks to the change in media ownership laws that removed the ‘two out of three’ media ownership rule which prevented one business from owning a TV network, radio station and newspaper in the same market.
On 26th July 2018, Nine Entertainment and Fairfax Media announced an agreement to merge with the combined entity set to become one of Australia’s leading independent media companies. Subject to regulatory clearance merger formalities are expected to be completed by the end of this calendar year.
Following completion of the transaction, the combined entity will be called Nine and Nine’s current shareholders will own 51.1% of the combined entity with Fairfax shareholders owning the remaining 48.9%. The combined entity will be led by Nine’s current CEO, Hugh Marks. Three current Fairfax directors will be invited to join the board of the combined business which will be chaired by Nine Chairman, Peter Costello. It will also include two current Nine directors. The combined entity will include Nine’s FTA network, digital businesses, and Fairfax’s ownership in Domain, Stan, mastheads and radio interests through Macquarie Media
