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. Holdings Limited
Nine Entertainment Co.
Public
Traded asASX: NEC
IndustryMass media
PredecessorPBL Media
FoundedOctober 2006
HeadquartersSydney, Australia
Key people
Peter Costello, Chairman
Hugh Marks, CEO
ProductsTelevision, Radio, Print, Digital
Revenue A$1.1 billion (FY 2018)[1]
A$234 million (FY 2018)[2]
Total assets A$4.4 billion (FY 2018)[3]
Divisions
  • Nine Broadcasting
  • Nine Digital and Publishing
Subsidiaries
Websitewww.nineforbrands.com.au

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, Nine Radio, 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.

History

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 commercial TV network. Kerry Packer inherited the company after his father's death in 1974. ACP was combined with the Nine Network in 1994 as Publishing and Broadcasting Ltd (PBL).

PBL Media

Under a split of PBL into two companies, after Kerry Packer's death in 2005, PBL Media, formerly held by PBL, was transferred to Consolidated Media Holdings (CMH).[4]

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.[5] The recapitalisation was announced on 18 October 2006.[6] 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.[7] In September 2007, it was announced that the transaction was to go ahead at the increased purchase price of approximately A$526 million.[8]

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.[9] Packer later sold his media interests.[10]

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%.

Nine Entertainment

From 2 December 2010, PBL Media rebranded as Nine Entertainment Company[11] In December 2011 former McDonald's Australia chief executive Peter Bush was appointed chairman following the resignation of Tim Parker.[12] 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.[13]

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.

In 2014, Nine Entertainment Co founded online streaming company Stan with Fairfax Media, investing A$50 million into the joint venture.

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.[14]

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.[15] In February 2016, Peter Costello was appointed chairman.[16]

Southern Cross affiliation

In March 2016, Nine Entertainment Co purchased a 9.9% stake in Southern Cross Media Group from the Macquarie Group.[17] 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.[18][19] Nine sold its stake in the business in September.[20]

Fairfax merger

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.[21] 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.[22] In September 2018 it was announced that WIN Corporation's overall economic interest had grown to 25%.[23]

Stuff sale

On 25 May 2020, Nine Entertainment sold their New Zealand subsidiary Stuff, which had been acquired during the purchase of Fairfax in December 2018, to Stuff's chief executive Sinead Boucher for NZ$1. The transaction is due to be completed by 31 May and marks the return of Stuff into New Zealand ownership. As part of the agreement, Nine will benefit from all proceeds of the sale of wholesale broadband business Stuff Fibre to telecommunications company Vocus Group, and ownership of Stuff's Wellington printing press.[24][25][26]

Assets

Television
  • 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[27]
  • 9Rush is an Australian free-to-air digital television multichannel aimed at a 25- to 54-year-old male audience. (joint venture with Discovery, Inc.)
  • 10 Darwin (50% joint venture with Southern Cross Austereo, Network 10 affiliate)
  • 9Now, an online, video on demand, catch-up TV service

Radio
Main article: Nine Radio

News. Talk. Sport.
Callsign Frequency Location Format Notes
2GB 873 AM

DAB+ 9B

 Sydney, New South Wales News talk
3AW 693 AM

DAB+ 9B

 Melbourne, Victoria News talk
4BC 1116 AM

DAB+ 9B

 Brisbane, Queensland News talk
6PR 882 AM

DAB+ 9B

 Perth, Western Australia News talk
NTS DAB+ 9A (Sydney)

DAB+ 9B

 Sydney, Melbourne, Brisbane and Perth News talk Formerly Fairfax Radio NTS

Nine Radio also manages national sales for Nova Entertainment owned-and-operated 5AA.

Music
StationFrequencyCall-signLocationFormatFormer branding
2UE954 AM
DAB+ 9A		2UESydney70s, 80s and 90s music Macquarie Sports Radio
Magic 12781278 AM
DAB+ 9B		3EEMelbourne70s, 80s and 90s music Macquarie Sports Radio
4BH 882 AM
DAB+ 9B		 4BH Brisbane 70s, 80s and 90s music Macquarie Sports Radio

Digital & Publishing
Main article: Nine Digital

News

Lifestyle
  • 9Entertainment
  • 9Honey, a women's network
  • Australian Financial Review Magazine
  • BOSS
  • CarAdvice.com, automotive reviews and news[28]
  • Drive
  • 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

Other businesses
  • 9Saver
  • 9Voyager, an advertisement buying platform[29]
  • Domain Group (59.2%)
  • Find a Babysitter
  • Pedestrian Group (majority stake), a digital media enterprise including the former Allure Media.[30]
  • RSVP
  • Stan, an Australian online streaming service.

Former assets
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gollark: `w [quantity] <item>` to withdraw, `d [slot]` to deposit, `c` to craft from internal grid.
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References
  1. Mitchell (CMO), Vanessa; 22 August, 2019 10:13. "Nine Entertainment reports profit following merger". www.cmo.com.au. Retrieved 17 December 2019.CS1 maint: numeric names: authors list (link)
  2. Mitchell (CMO), Vanessa; 22 August, 2019 10:13. "Nine Entertainment reports profit following merger". www.cmo.com.au. Retrieved 17 December 2019.CS1 maint: numeric names: authors list (link)
  3. "Should You Like Nine Entertainment Co. Holdings Limited's (ASX:NEC) High Return on Capital Employed?". au.finance.yahoo.com. Retrieved 17 December 2019.
  4. "PBL announces split into two separate listed companies" (PDF) (Press release). PBL. 8 May 2007.
  5. Sullivan, Rohan (18 October 2006). "Australian Media Shakeup Begins". The Washington Post. Retrieved 2 August 2014.
  6. "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.
  7. "PBL sells 25 percent interest in PBL Media to CVC" (PDF) (Press release). PBL. 1 June 2007.
  8. "FIRB confirms no objection to CVC's further 25 in PBL Media" (Press release). PBL. 5 September 2007.
  9. "Packer Turns Back on PBL Media". Forbes. 27 October 2008. Retrieved 2 August 2014.
  10. Barry, Paul (12 October 2009). "Will the Son Also Rise". Four Corners. Australian Broadcasting Corporation. ABC TV. Retrieved 8 October 2019.
  11. 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.
  12. "Former McDonald's CEO Bush to chair Nine". The Australian Financial Review. Retrieved 26 September 2012.
  13. "Former Fox boss to chair new Nine". The Australian. Retrieved 18 February 2014.
  14. Sale of Nine Live.
  15. "Nine's new CEO Hugh Marks plans to respond to the Netflix challenge". The Sydney Morning Herald. 8 November 2015. Retrieved 9 November 2015.
  16. "Peter Costello appointed Nine Chairman". Sky News Australia. 25 February 2016.
  17. Knox, David (18 March 2016). "Nine buys Southern Cross shares". TV Tonight. Retrieved 18 March 2016.
  18. Knox, David (29 April 2016). "Nine signs affiliation agreement with Southern Cross". TV Tonight. Retrieved 29 April 2016.
  19. Janda, Michael (29 April 2016). "Nine and Southern Cross ink new regional TV deal". ABC News. Australia. Retrieved 29 April 2016.
  20. "Nine sells stake in Southern Cross after only six months". AdNews. 30 September 2016. Retrieved 7 August 2019.
  21. "Nine and Fairfax agree terms to merge to become Australia's largest media company". 9Finance. 26 July 2018. Retrieved 26 July 2018.
  22. "WIN's Bruce Gordon lifts voting power in Nine Entertainment". The Australian.
  23. "Nine buys back Perth station". The Daily Telegraph. Australia. 20 October 2015. Retrieved 20 October 2015.
  24. Pullar-Strecker, Tom (25 May 2020). "Stuff ownership to return to NZ after management buy-out". Stuff. Archived from the original on 25 May 2020. Retrieved 25 May 2020.
  25. Rutherford, Hamish (25 May 2020). "Stuff sold for $1 to CEO Sinead Boucher by Nine Entertainment". The New Zealand Herald. Archived from the original on 25 May 2020. Retrieved 25 May 2020.
  26. "Stuff chief executive Sinead Boucher buys company for $1". Radio New Zealand. 25 May 2020. Archived from the original on 25 May 2020. Retrieved 25 May 2020.
  27. Barrett, Dan (28 October 2015). "Nine 2016 Upfront: Plans to broadcast in HD and launch new lifestyle FTA channel". Mediaweek. Retrieved 28 October 2015.
  28. "Car Advice website started by a 21-year-old in his parents spare bedroom has sold for $35 million". news.com.au.
  29. https://www.nineforbrands.com.au/media-release/nine-launches-9voyager-opening-up-television-market-to-small-and-medium-businesses/
  30. Pedestrian TV to absorb Allure Media in post-Fairfax consolidation AdNews
  31. Zappone, Chris (26 May 2011). "Click on down, let's make a deal". The Sydney Morning Herald. Retrieved 7 June 2011.
  32. "Mi9 latest to exit group buying, selling Cudo to owner of deals.com.au". Mumbrella. 1 July 2013. Retrieved 16 January 2014.
  33. "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.
  34. Nine announces Weatherzone sale to DTN. Media Week
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