Nine Entertainment Co.
Nine Entertainment Co. Holdings Limited (trading as Nine Entertainment Co.) is an Australian publicly-listed media company with holdings in radio and television broadcasting, newspaper publications and digital media. The entity is largely a successor to the former Publishing and Broadcasting Limited (PBL), which was established by the Packer family.
|Nine Entertainment Co.|
|Traded as||ASX: NEC|
|Peter Costello, Chairman|
Hugh Marks, CEO
|Revenue||A$4065 million (FY 2010)|
|A$92.5 million (FY 2010)|
|Total assets||A$6755 million (FY 2010)|
Nine Entertainment was created as PBL Media to be the holding company for PBL's media assets. The Packers officially ended their involvement with the company in 2008 and its name was changed to Nine in 2010. The company merged with Fairfax Media in December 2018, expanding its brands and investments across television, video on demand, print, digital, radio and real estate classifieds.
Currently, Nine’s assets include the Nine Network, radio broadcaster Macquarie Media, major newspaper mastheads such as The Sydney Morning Herald, The Age and The Australian Financial Review, digital properties such as nine.com.au, 9Honey, Pedestrian.TV, subscription video platform Stan and majority investments in the Domain Group and CarAdvice.
The company was a successor of the long-established Australian media group Australian Consolidated Press (ACP), created by Sir Frank Packer, whose Channel 9 was Australia's first TV network. ACP was combined with the Nine Network in 1994 by Packer's son, Kerry, as Publishing and Broadcasting Ltd (PBL).
PBL Media was established in October 2006, when PBL transferred its media interests, including the ACP Magazines, Nine Network, and ninemsn, to the new business - a joint venture between PBL and CVC Asia Pacific. The recapitalisation was announced on 18 October 2006. John Alexander, Chief Executive Officer of PBL, was announced as the Executive Chairman of PBL Media, along with Ian Law as CEO and Pat O'Sullivan as Chief Financial Officer. The company's current directors are Ian Law, Chris Anderson, Martin Dalgleish, Robert Lucas, Adrian MacKenzie and Maarten Ruijs.
In June 2007, PBL announced that it would sell a further 25% to CVC Capital Partners for A$515 million. In September 2007, it was announced that the transaction was to go ahead at the increased purchase price of approximately A$526 million.
On 27 October 2008, James Packer and CMH representatives, such as Alexander, resigned from the board of PBL Media, effectively ending financial backing and future associations with the company. Packer later sold his media interests.
On 16 December 2008, PBL Media issued a press release stating that the company's majority shareholder, CVC Capital Partners, had refinanced debt facilities as well as injecting in excess of A$300 million. CMH stated that they would not be investing any further funds, and as such, CMH's 25% interest became diluted to a stake less than 1%.
From 2 December 2010, PBL Media rebranded as Nine Entertainment Company In December 2011 former McDonald's Australia chief executive Peter Bush was appointed chairman following the resignation of Tim Parker. In February 2013 David Haslingden, previously President and Chief Operating Officer of Fox Networks Group, was appointed to the Board as an independent non-executive director and chairman.
In December 2013, Nine Entertainment listed on the ASX, trading as ASX: NEC. Vendors included Apollo Global Management, Oaktree Capital and Goldman Sachs who took over from CVC in a refinancing deal in October 2012.
On 16 April 2015 Nine Entertainment Co announced the sale of its Nine Live business to Affinity Equity Partners for A$640 million to reduce debt and fund an ongoing capital management program.
In October 2015 WIN Corporation purchased a 14% stake in Nine Entertainment Co. from investment fund operator Apollo. In November 2015, Hugh Marks was appointed CEO. He replaced David Gyngell, who remains on the board. In February 2016, Peter Costello was appointed chairman.
Southern Cross affiliationEdit
In March 2016, Nine Entertainment Co purchased a 9.9% stake in Southern Cross Media Group from the Macquarie Group. On 29 April 2016, Nine Entertainment Co. ended a 27-year affiliation agreement with WIN Corporation, instead partnering with Southern Cross Austereo in parts of regional Queensland, New South Wales and Victoria, after securing a 50% revenue sharing deal with Southern Cross, which is higher than its existing 39% deal with WIN. Nine sold its stake in the business in September.
On 26 July 2018, Nine Entertainment Co. and Fairfax Media announced they agreed on terms for a merger between the two companies to become Australia's largest media company. As a result of the merger, Nine shareholders own 51.1 percent of the combined entity and Fairfax shareholders own 48.9 percent. After the merger between Nine Entertainment Co and Fairfax Media in December 2018 WIN Corporation's stake was diluted to 7.76%, but later increased to 15.24% in January 2018. In September 2018 it was announced that WIN Corporation's overall economic interest had grown to 25%.
Nine Network TelevisionEdit
- Nine Network, an Australian commercial free-to-air television primary channel
- 9HD is an Australian free-to-air HD digital television multichannel using the primary channel simulcast
- 9Gem is an Australian free-to-air digital television multichannel suitable for sport and entertainment
- 9Go! is an Australian free-to-air digital television multichannel aimed at 14- to 39-year-olds.
- 9Life is an Australian free-to-air digital television multichannel featuring reality and lifestyle programs
- Darwin Digital Television (50% joint venture with Southern Cross Austereo, Network Ten affiliate)
- 9Now, an online, video on demand, catch-up TV service
- 9News.com.au, an online news portal
- The Australian Financial Review
- Brisbane Times
- Nine.com.au, an online web portal
- The Sydney Morning Herald
- The Age
- 9Honey, a women's network
- Australian Financial Review Magazine
- CarAdvice.com, automotive reviews and news
- Essential Baby
- Essential Kids
- Executive Style
- Future Women
- Good Food
- Good Weekend
- Life & Leisure
- Life & Leisure Luxury
- Life & Leisure - Sophisticated Traveller
- Wide World of Sports, online services of Nine's sports brand
- ACP Magazines, a magazine publisher operating in Australia, New Zealand, Asia and the United Kingdom. Sold to Bauer Media in 2012
- Australian Community Media, a newspaper publisher. Sold to Antony Catalano and Thorney Investment Group in 2019
- Cudo, a group buying site launched as a joint venture with Microsoft Sold to Deals.com.au in 2013
- Fairfax Events and Entertainment, an events and entertainment company. Sold to Ironman group in 2019.
- Sydney Super Dome, an entertainment and sporting complex located in Sydney. Sold to Affinity Equity Partners in 2015
- Ticketek, an event ticketing company operating in Australia and New Zealand. Sold to Affinity Equity Partners in 2015.
- Sky News Australia (33%), an Australian 24-hour cable news channel (joint venture with BSkyB and Seven West Media). Sold to News Corp Australia in December 2016.
- Southern Cross Media Group (9.9%), a radio and regional television media company. Divested in 2016.
- Weatherzone (75%), a weather information provider. Sold to DTN in 2019.
- "Nine Entertainment reports $92.5 million net profit". The Spy Report/Media Spy. 12 December 2010. p. 1. Retrieved 12 December 2010.
- "PBL announces split into two separate listed companies" (PDF) (Press release). PBL. 8 May 2007.
- Sullivan, Rohan (18 October 2006). "Australian Media Shakeup Begins". Washington Post. Retrieved 2 August 2014.
- "PBL's $5.5 billion recapitalisation and establishment of Australia's largest diversified media group, PBL Media" (PDF) (Press release). Australian Securities Exchange. 18 October 2006. Retrieved 2 August 2014.
- "PBL sells 25 percent interest in PBL Media to CVC" (PDF) (Press release). PBL. 1 June 2007.
- "FIRB confirms no objection to CVC's further 25 in PBL Media" (Press release). PBL. 5 September 2007.
- "Packer Turns Back On PBL Media". Forbes. 27 October 2008. Retrieved 2 August 2014.
- Barry, Paul (12 October 2009). "Will the Son Also Rise". Four Corners. Australian Broadcasting Corporation. ABC TV. Retrieved 8 October 2019.
- Gyngell, David (2 December 2010). "Company Announcement - Nine Entertainment Co" (PDF) (Press release). Sydney, NSW, Australia: Nine Entertainment Company. Retrieved 25 December 2011.
From today Nine Entertainment Company is our group's new title, new brand and new future. It will embrace Nine Television, Nine Magazines (through ACP), Nine Digital (through ninemsn, Carsales, Cudo and Sky News), and Nine Events (through Ticketek and Acer Arena) and thus draw together under one new banner all the outstanding people and vast assets of this great company.
- "Former McDonald's CEO Bush to chair Nine". The Australian Financial Review. Retrieved 26 September 2012.
- "Former Fox boss to chair new Nine". The Australian. Retrieved 18 February 2014.
- Sale of Nine Live.
- "Nine's new CEO Hugh Marks plans to respond to the Netflix challenge". The Sydney Morning Herald. 8 November 2015. Retrieved 9 November 2015.
- "Peter Costello appointed Nine Chairman". Sky News Australia. 25 February 2016.
- Knox, David (18 March 2016). "Nine buys Southern Cross shares". TV Tonight. Retrieved 18 March 2016.
- Knox, David (29 April 2016). "Nine signs affiliation agreement with Southern Cross". TV Tonight. Retrieved 29 April 2016.
- Janda, Michael (29 April 2016). "Nine and Southern Cross ink new regional TV deal". ABC News. Australia. Retrieved 29 April 2016.
- "Nine sells stake in Southern Cross after only six months". AdNews. 30 September 2016. Retrieved 7 August 2019.
- "Nine and Fairfax agree terms to merge to become Australia's largest media company". 9Finance. 26 July 2018. Retrieved 26 July 2018.
- "WIN's Bruce Gordon lifts voting power in Nine Entertainment". The Australian.
- "Nine buys back Perth station". Daily Telegraph. Australia. 20 October 2015. Retrieved 20 October 2015.
- Barrett, Dan (28 October 2015). "Nine 2016 Upfront: Plans to broadcast in HD and launch new lifestyle FTA channel". Mediaweek. Retrieved 28 October 2015.
- "Car Advice website started by a 21-year-old in his parents spare bedroom has sold for $35 million". news.com.au.
- Carnegie cashes in his stake in Macquarie Media Radio Info 4 October 2019
- Pedestrian TV to absorb Allure Media in post-Fairfax consolidation AdNews
- Zappone, Chris (26 May 2011). "Click on down, let's make a deal". The Sydney Morning Herald. Retrieved 7 June 2011.
- "Mi9 latest to exit group buying, selling Cudo to owner of deals.com.au". Mumbrella. 1 July 2013. Retrieved 16 January 2014.
- "News Corp buys Sky News in Australia and New Zealand from Seven and Nine". The Sydney Morning Herald. 1 December 2016. Retrieved 1 December 2016.
- Nine announces Weatherzone sale to DTN. Media Week