Nine And Fairfax Announce Merger
Nine Entertainment and Fairfax Media are set to merge in a $4 billion deal.
The deal includes Nine’s free-to-air TV network, digital platforms including Domain, Stan and 9Now, and Fairfax’s newspapers and radio stations. The company will be called Nine.
Subject to approvals, Nine shareholders will own 51.1% of the combined entity with Fairfax shareholders owning the remaining 48.9%.
Nine Chairman Peter Costello said: “Both Nine and Fairfax have played an important role in shaping the Australian media landscape over many years.
"The combination of our businesses and our people best positions us to deliver new opportunities and innovations for our shareholders, staff and all Australians in the years ahead.”
The merger is expected to see cost savings of at least $50 million which will be fully implemented over two years, Nine and Fairfax announced in a joint statement.