Nine announces shock takeover of Fairfax to create Australia’s biggest broadcasting and publishing company in $4billion deal
- Nine has announced a shock takeover of Fairfax in an estimated $4 billion deal
- The merger will create Australia’s biggest broadcasting and publishing company
- The merged companies will be called Nine, Fairfax CEO Greg Hywood said
Nine has announced a shock takeover of Fairfax to create Australia’s biggest broadcasting and publishing company in an estimated $4billion deal.
Nine Entertainment Co. and Fairfax Media announced the $4.2 billion merger on Thursday.
The merged companies will be called Nine, Fairfax CEO Greg Hywood said.
Nine Entertainment Co. and Fairfax Media announced the $4.2 billion merger on Thursday
The new business will include Nine’s free-to-air television network, the Domain real estate site, streaming service Stan, the 9Now website and Fairfax mastheads including The Sydney Morning Herald and The Age.
The combined businesses also include radio stations 2UE, 2GB and 3AW.
The merger is expected to be finished before the end of 2018.
In a statement released on Thursday, directors of Fairfax urged their shareholders to vote in favour of the merger.
Under proposed details of the takeover, Nine shareholders will own 51.1 per cent of the combined entity and Fairfax shareholders 48.9 per cent.
The combined business will be led by Nine’s current CEO Hugh Marks.
Three current Fairfax directors will join the board, which will be chaired by Nine’s Peter Costello.
The merged companies will be called Nine, Fairfax CEO Greg Hywood said when he announced the news on Thursday
Malcolm Turnbull said the merger was unlikely to face any regulatory hurdles.
The Prime Minister and former journalist welcomed the merger of the two historic media companies, but said the Australian Competition and Consumer Commission will examine it.
‘I think bringing them together will strengthen both of them,’ Mr Turnbull told LAFM radio in Tasmania on Thursday.
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