Australia's Nine TV To Buy Publisher Fairfax For $3 Billion
The deal would put Nine Entertainment in the driver's seat and subsume the Fairfax brand, publisher of The Sydney Morning Herald. However, it must still meet shareholder and regulatory approval.
Australia's Fairfax Media, publisher of The Sydney Morning Herald and The Age, has agreed to a US$3 billion merger with Nine Entertainment Co. – a deal, if approved, that would create a multi-platform empire amid concerns over the country's rapidly consolidating media market.
The cash-and-stock deal — with Nine's shareholders getting a 51.1 percent, itself a Fairfax-owned newspaper.
