News broke this morning that two of Australia’s media monoliths, Nine and Fairfax, were planning to merge.
The 4 billion dollar will see the two become an integrated media giant across television, online video streaming, print, digital and real estate advertising. Nine’s assets include its free-to-air television network, businesses such as Domain, and streaming service Stan. Fairfax’s assets include its newspapers and online publications such as The Sydney Morning Herald and The Australian Financial Review.
The dominant partner is Nine and the merged company will be called ‘Nine’; with the entire venture to be lead by Nine CEO Hugh Marks.
Fairfax's directors have unanimously recommended the deal, unless another company comes in with a better offer.
"The structure of the proposed transaction provides an exciting opportunity for our shareholders to maintain their exposure to Fairfax's growing businesses whilst also participating in the combination benefits with Nine," Fairfax's chairman Nick Falloon said in a statement.
