Nine sells radio assets; NBN transferred to WIN

Nine Entertainment Co, owner of the Nine Network, has announced a restructuring of its media assets to the Australian Stock Exchange.

The company has announced the sale of its radio business to the Laundy family for $56 million. The deal includes radio stations 2GB and 2UE in Sydney, 3AW and Magic in Melbourne, 4BC and 4BH in Brisbane and 6PR in Perth.

The Laundy family is owner of a hotel and hospitality group, with a portfolio of over 90 venues across New South Wales.

Nine has also announced the “conversion” of its wholly-owned regional television outlet, NBN, to an affiliate broadcaster owned and operated by WIN. Nine gives NBN a value of $15 million, far less than the $250 million it paid to buy NBN in 2007.

NBN relays the Nine Network to the Northern NSW market, including Newcastle and extending to the Gold Coast. WIN previously operated the rival Network Ten outlet in the region, before selling to to Ten last year.

WIN adds NBN to its existing Nine Network affiliates in Southern NSW, ACT, Regional Victoria, Regional Queensland, Regional Western Australia, Tasmania, South East SA and Riverland.

Nine has also purchased outdoor advertising firm QMS for $850 million, using cash from the sale of digital business Domain.

Nine Entertainment Co retains its publishing business, including Sydney Morning Herald, The Age, The Sun-Herald and The Australian Financial Review, the Nine Network and streaming services 9Now and Stan.

Source: Sydney Morning Herald