Nine Entertainment Explained

Nine Entertainment Co. Holdings Limited
Type:Public
Trade Name:Nine Entertainment
Location:1 Denison Street
North Sydney, New South Wales, Australia[1]
Key People:Catherine West (Chair)
Mike Sneesby (CEO)
Industry:Mass media
Operating Income:$169.372 million[2]
Income Year:H1 FY24
Net Income:$114.416 million
Net Income Year:H1 FY24
Revenue:$1.378 billion
Revenue Year:H1 FY24
Assets:$4.044 billion
Assets Year:H1 FY24
Equity:$1.886 billion
Equity Year:H1 FY24
Num Employees:3,350
Homepage:
Predecessor:PBL Media
Fairfax Media

Nine Entertainment (registered as Nine Entertainment Co. Holdings Ltd[3]) is an Australian publicly listed mass media company with holdings in radio and television broadcasting, publishing and digital media. It uses Nine as its corporate branding and also prefers this usage to be used for the parent company.[4]

The entity is largely a successor to the former Publishing and Broadcasting Limited (PBL), which was established by the Packer family. 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.

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; video-on-demand platform Stan; and a majority investment in real estate web portal Domain Group.[5]

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).[6]

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.[7] The recapitalisation was announced on 18 October 2006.[8]

In June 2007, PBL announced that it would sell a further 25% to CVC Capital Partners for $515 million.[9] In September 2007, it was announced that the transaction was to go ahead at the increased purchase price of approximately $526 million.[10]

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.[11] James Packer later sold his media interests.[12]

Nine Entertainment

From 2 December 2010, PBL Media rebranded as Nine Entertainment Company[13] 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 . Vendors included Apollo Global Management, Oaktree Capital and Goldman Sachs who took over from CVC in a refinancing deal in October 2012 when Nine was on the brink of receivership.

In 2014, Nine Entertainment Co. founded online streaming company Stan with Fairfax Media, investing $50 million into the joint venture.[14]

On 16 April 2015, Nine Entertainment Co. announced the sale of its Nine Live business to Affinity Equity Partners for $640 million to reduce debt and fund an ongoing capital management program.[15] In October 2015, the WIN Corporation purchased a 14% stake in Nine Entertainment Co. from investment fund operator Apollo.

Hugh Marks (2015–2020)

In November 2015, Hugh Marks was appointed as CEO. He replaced David Gyngell, who remained on the board.[16] In February 2016, Peter Costello was appointed chair.[17]

In March 2016, Nine Entertainment Co purchased a 9.9% stake in Southern Cross Media Group from the Macquarie Group.[18] 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.[19] [20] Nine sold its stake in the business in September.[21]

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.[22] 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.[23] In September 2018, it was announced that WIN Corporation's overall economic interest had grown to 25%.[24]

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 was completed by 31 May and marked the return of Stuff into New Zealand ownership. As part of the agreement, Nine received all proceeds of the sale of wholesale broadband business Stuff Fibre to telecommunications company Vocus Group, and ownership of Stuff's Wellington printing press.[25] [26] [27]

In November 2020, Hugh Marks resigned from the Nine Network after revealing he was in a relationship with a former colleague.[28] Nine Entertainment relocated from Willoughby, where it had been based for 64 years, to new offices at 1 Denison Street, in North Sydney in December 2020.[1] [29]

Mike Sneesby (2021–present)

In March 2021, Nine Entertainment announced the appointment of Mike Sneesby as Chief Executive Officer, effective 1 April 2021, following Hugh Marks resignation.[30] On 12 March 2021, Nine announced that it would be returning its regional affiliation back to WIN Television, ending its 5 year affiliation with SCA. As part of the deal, WIN will pay Nine 50% of advertising revenue and provide airtime to Nine's assets across the networks television and radio network. The affiliation switch was reversed on 1 July 2021. Upon the switch, WIN's unique branding was phased out in favour of Nine's metro branding with the WIN branding retained for local idents, promos, community announcements and sponsor billboards. However, WIN News remains under its unique name and format.

It was announced on 15 September 2021, that WIN's advertising department would be merged into Nine's advertising team with Nine's advertising platform 9Galaxy extending into regional areas from July 2022. This will mean advertisers in regional areas can book advertising directly with Nine for the first time instead of booking with WIN.[31]

In June 2024, Peter Costello resigned as chairman and was replaced by Catherine West.[32]

Assets

Television

Radio

See main article: Nine Radio.

News. Talk. Sport.

CallsignFrequencyLocationLaunched dateFormat
2GB873 AM
DAB+ 9B		SydneyNews talk
3AW693 AM
DAB+ 9B		MelbourneNews talk
4BC882 AM
DAB+ 9B		BrisbaneNews talk
6PR882 AM
DAB+ 9B		News talk

Music

The following stations are run under a lease agreement by Ace Radio.

StationFrequencyCall-signLocationLaunched dateFormat
2UE954 AM
DAB+ 9A		2UESydneyOldies
Magic 12781278 AM
DAB+ 9B		3EEMelbourneOldies
4BH1116 AM
DAB+ 9B		4BHBrisbaneOldies

Digital & Print

Nine Digital

See main article: Nine Digital.

Nine Publishing

Other businesses

Former assets

Notes and References

  1. Web site: Samios . Zoe . Nine Entertainment Co officially opens North Sydney campus . The Sydney Morning Herald . 4 December 2020 . 26 July 2021.
  2. Nine Entertainment Co. Holdings Limited. 22 February 2024. Appendix 4D and Half Year Financial Report. live. 26 July 2024. Nine for Brands. https://web.archive.org/web/20240405095459/https://www.nineforbrands.com.au/wp-content/uploads/2024/02/FINAL-ASX-release-H1-FY24-results.docx.pdf. 5 April 2024.
  3. Web site: Current details for ABN 59 122 205 065 . ABN Lookup . 1 November 2014 . 25 June 2021.
  4. Web site: Our Name . Nine for Brands . How do we refer to ourselves . 26 July 2024 . https://web.archive.org/web/20240726122224/https://www.nineforbrands.com.au/our-name/ . live . 25 June 2021.
  5. Web site: Brands of Nine . Nine for Brands . 3 July 2020 . 25 June 2021.
  6. PBL announces split into two separate listed companies . PBL . 8 May 2007 . https://web.archive.org/web/20070927213126/http://pbl.com.au/Images/Document/PBL%20ANNOUNCES%20SPLIT%20INTO%202%20SEPARATE%20LISTED%20COMPANIES.pdf . 27 September 2007 . dead .
  7. News: Sullivan . Rohan . Australian Media Shakeup Begins . The Washington Post. 18 October 2006 . 2 August 2014.
  8. PBL's $5.5 billion recapitalisation and establishment of Australia's largest diversified media group, PBL Media . Australian Securities Exchange . 18 October 2006 . 2 August 2014 . https://web.archive.org/web/20140809090722/http://www.smh.com.au/pdf/pblstatement.pdf . 9 August 2014 . dead .
  9. PBL sells 25 percent interest in PBL Media to CVC . PBL . 1 June 2007 . https://web.archive.org/web/20070831214154/http://pbl.com.au/Images/Document/PBL%20SELLS%20A%2025%20PERCENT%20INTEREST%20IN%20PBL%20MEDIA%20TO%20CVC.pdf . 31 August 2007 . dead .
  10. FIRB confirms no objection to CVC's further 25 in PBL Media . PBL . 5 September 2007 .
  11. News: Packer Turns Back on PBL Media. Forbes. 27 October 2008. 2 August 2014.
  12. Will the Son Also Rise . 8 October 2019 . Four Corners . Four Corners (Australian TV program) . Paul . Barry . Paul Barry . Australian Broadcasting Corporation . . 12 October 2009.
  13. Gyngell . David . Company Announcement – Nine Entertainment Co . Nine Entertainment Company . 25 December 2011 . Sydney, NSW, Australia. 2 December 2010 . 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. . https://web.archive.org/web/20110813074009/http://www.nineentertainment.com.au/assets/downloads/news/PRESS%20REALEASE%20-%20NINE%20ENTERTAINMENT%20CO_20101202135137.pdf . 13 August 2011 . dead .
  14. News: . Nine Entertainment Co and Fairfax Media's video streaming joint venture is expected to launch in February or earlier after it announced its brand name - Stan - and first-run rights to Breaking Bad prequel Better Call Saul. . Fairfax, Nine announce joint venture streaming service . Dominic . White . 5 November 2014 . https://web.archive.org/web/20240726122903/https://www.smh.com.au/business/companies/fairfax-nine-announce-joint-venture-streaming-service-20141105-11h7bq.html . 26 July 2024 . 26 July 2024 .
  15. Sale of Nine Live. https://web.archive.org/web/20160613093218/http://www.nineentertainment.com.au/sale-of-nine-live.aspx . 13 June 2016 . dead . 16 April 2015 . Sydney . nineentertainment.com.au .
  16. Web site: Nine Entertainment appoints Hugh Marks as CEO, to replace David Gyngell . Dominic . White . https://web.archive.org/web/20240726123539/https://www.smh.com.au/business/companies/nine-entertainment-appoints-hugh-marks-as-ceo-to-replace-david-gyngell-20151109-gktyi8.html . 26 July 2024 . live . . 8 November 2015 . 9 November 2015 .
  17. News: Peter Costello appointed Nine Chairman . https://web.archive.org/web/20170705172441/http://www.skynews.com.au/business/business/national/2016/02/25/peter-costello-appointed-nine-chairman.html . 5 July 2017 . dead . . 25 February 2016 .
  18. Web site: David. Knox . Nine buys Southern Cross shares . 18 March 2016 . 18 March 2016 . .
  19. Web site: Nine signs affiliation agreement with Southern Cross . 29 April 2016. 29 April 2016. David. Knox. TV Tonight.
  20. Web site: Nine and Southern Cross ink new regional TV deal . 29 April 2016. 29 April 2016. Michael. Janda. . Australia .
  21. Web site: Nine sells stake in Southern Cross after only six months. 30 September 2016. 7 August 2019. AdNews.
  22. News: Nine and Fairfax agree terms to merge to become Australia's largest media company . https://web.archive.org/web/20221224210038/https://finance.nine.com.au/business-news/nine-and-fairfax-agree-terms-to-merge/c1c826d8-51b6-4999-b657-a2d4f8e6c501 . 24 December 2022 . Stuart . Marsh . dead . 9Finance . 26 July 2018 . 26 July 2018 .
  23. News: WIN's Bruce Gordon lifts voting power in Nine Entertainment . .
  24. News: Nine buys back Perth station . 20 October 2015 . 20 October 2015 . The Daily Telegraph. Australia .
  25. News: Pullar-Strecker . Tom . Stuff ownership to return to NZ after management buy-out . 25 May 2020 . . 25 May 2020 . https://web.archive.org/web/20200525042602/https://www.stuff.co.nz/business/industries/121613980/stuff-ownership-to-return-to-nz-after-management-buyout . 25 May 2020.
  26. News: Rutherford . Hamish . Stuff sold for $1 to CEO Sinead Boucher by Nine Entertainment . 25 May 2020 . The New Zealand Herald. 25 May 2020 . https://web.archive.org/web/20200525042737/https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12334494 . 25 May 2020.
  27. News: Stuff chief executive Sinead Boucher buys company for $1 . 25 May 2020 . . 25 May 2020 . https://web.archive.org/web/20200525043043/https://www.rnz.co.nz/news/business/417448/stuff-chief-executive-sinead-boucher-buys-company-for-1 . 25 May 2020.
  28. News: Nine boss Hugh Marks resigns . . 14 November 2020 .
  29. https://www.smh.com.au/business/companies/nine-entertainment-co-officially-opens-north-sydney-campus-20201204-p56ko6.html Nine Entertainment Co officially opens North Sydney campus
  30. Web site: David. Knox . Nine names Mike Sneesby as CEO . 3 March 2021 . 3 March 2021 . Mumbrella .
  31. Web site: Nine Upfront – Galaxy being developed for regional TV – Ad News. 15 September 2021. AdNews.
  32. News: 2024-06-09 . Peter Costello resigns as chairman of Nine Entertainment ‘effective immediately’ . 2024-06-09 . The Guardian . en-GB . 0261-3077.
  33. Web site: Nine 2016 Upfront: Plans to broadcast in HD and launch new lifestyle FTA channel. 28 October 2015. 28 October 2015. Mediaweek. Dan. Barrett.
  34. Web site: Nine Launches 9Voyager Opening up Television Market to Small and Medium Businesses.
  35. Web site: Click on down, let's make a deal . . 26 May 2011 . Zappone . Chris . 7 June 2011.
  36. Web site: Mi9 latest to exit group buying, selling Cudo to owner of deals.com.au . . 1 July 2013 . 16 January 2014.
  37. Web site: Timms . Delia . Bonnes . Jeff . About Find a Babysitter . Find a Babysitter . 10 June 2021.
  38. Web site: Brooks . Mark . RSVP Bought by Oasis Founders, Current Managers . Online Personals Watch . Internet Dating Excellence Association . 10 June 2021.
  39. Web site: News Corp buys Sky News in Australia and New Zealand from Seven and Nine . . 1 December 2016 . 1 December 2016.
  40. https://www.mediaweek.com.au/nine-announces-weatherzone-sale-to-dtn/ Nine announces Weatherzone sale to DTN

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