Nine Entertainment Co.

Nine Entertainment Co. Holdings Ltd.
Public
Traded as ASX: NEC
Industry Media
Predecessor PBL Media
Founded October 2006
Headquarters Sydney, Australia
Key people
 Peter Costello, Chairman
Hugh Marks, CEO
Products Television, Digital
Revenue Increase $ 406 Million (FY 2010)[1]
Increase $ 92.5 Million (FY 2010)[1]
Total assets Increase $ 675 Million (FY 2010)[1]
Subsidiaries Mi9
Website www.nineentertainment.com.au

Nine Entertainment Co. Holdings Ltd. is an Australian publicly listed media company. Originally a 50/50 joint venture with Consolidated Media Holdings, in June 2007 PBL announced that it would sell a further 25% to CVC Capital Partners for A$515 million.[2] In September 2007, it was announced that the transaction was to go ahead at the increased purchase price of approximately A$526 million.[3]

Timeline and Acquisitions

On 27 October 2008, James Packer and Consolidated Media Holdings representatives quit the board of PBL Media, effectively ending financial backing and future associations with the company.

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%.

Under a split of PBL into two companies, PBL Media formerly held by PBL is now held by Consolidated Media Holdings.[4]

From 2 December 2010, PBL Media rebranded as Nine Entertainment Company[5] In December 2011 former McDonald’s Australia chief executive Peter Bush was appointed chairman following the resignation of Tim Parker.[6]

In February 2013 David Haslingden who was previously President and Chief Operating Officer of Fox Networks Group was appointed to the Board as an Independent Non-Executive Director and Chairman [7]

December 2013 Nine Entertainment listed on the ASX as NEC. Vendors included Apollo Global Management, Oaktree Capital and Goldman Sachs who took over from CVC in a refinancing deal in Oct 2012.

In 2014, Nine Entertainment Co founded online streaming company Stan with Fairfax Media, investing AU$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 $640 million to reduce debt and fund an ongoing capital management program.[8]

In October 2015 WIN Corporation purchased a 14% stake in Nine Entertainment Co. from investment fund operator Apollo.[9]

In March 2016, Nine Entertainment Co purchased a 9.9% stake in Southern Cross Media Group from the Macquarie Group.[10]

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.[11][12]

Assets

Television Networks

Local TV Stations

Digital Media

Media companies

Former Assets

History

The company was a successor of the long-established Australian media group Publishing and Broadcasting Ltd (PBL), created by Sir Frank Packer, whose Channel 9 was Australia's first TV network. The TV and magazines group was substantially expanded by his son Kerry Packer, but after Kerry Packer's death in 2005, his son James sold his media interests.[18] PBL Media was established in October 2006, when Publishing and Broadcasting Limited transferred its media interests, including the Australian Consolidated Press, Nine Network, and ninemsn, to the new business - a joint venture between PBL and CVC Asia Pacific.[19] The recapitalisation was announced on 18 October 2006.[20] 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.

James Packer and Alexander quit the PBL Media board in 2008.[21]

In November 2015, Hugh Marks was appointed CEO. He replaced David Gyngell, who remains on the board.[22] In February 2016, Peter Costello was appointed chairman.[23]

References

  1. 1 2 3 "Nine Entertainment reports $92.5 million net profit". The Spy Report/Media Spy. 12 December 2010. p. 1. Retrieved 2010-12-12.
  2. ↑ PBL Press Release (1 June 2007)
  3. ↑ PBL Press Release (5 September 2007)
  4. ↑ PBL Press Release (8 May 2007)
  5. ↑ Gyngell, David (2 December 2010). "Thursday, 02 December 2010 Press Release - Nine Entertainment Co" (PDF). Company Announcements & Media Releases. 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.
  6. ↑ AFR – Former McDonald’s CEO Bush to chair Nine. Retrieved 26 September 2012.
  7. ↑ The Australian – Former Fox boss to chair new Nine. Retrieved 18 February 2014.
  8. ↑ Sale of Nine Live.
  9. ↑ "Nine buys back Perth station". Daily Telegraph. www.dailytelegraph.com.au. 20 Octoberber 2015. Retrieved 20 October 2015. Check date values in: |date= (help)
  10. ↑ Knox, David (18 March 2016). "Nine buys Southern Cross shares". TV Tonight. Retrieved 18 March 2016.
  11. ↑ Knox, David (29 April 2016). "Nine signs affiliation agreement with Southern Cross". TV Tonight. Retrieved 29 April 2016.
  12. ↑ Janda, Michael (29 April 2016). "Nine and Southern Cross ink new regional TV deal". ABC News. Retrieved 29 April 2016.
  13. ↑ Barrett, Dan (28 October 2015). "Nine 2016 Upfront: Plans to broadcast in HD and launch new lifestyle FTA channel". Mediaweek. Retrieved 28 October 2015.
  14. ↑ http://www.news.com.au/technology/innovation/motoring/car-advice-website-started-by-a-21yearold-in-his-parents-spare-bedroom-has-sold-for-35-million/news-story/6058fca7b1987400abdb58ed2007e930
  15. ↑ Zappone, Chris (26 May 2011). "Click on down, let's make a deal". The Sydney Morning Herald. Retrieved 7 June 2011.
  16. ↑ F0cusAU, F0cusAU (1 July 2013). "Mi9 latest to exit group buying, selling Cudo to owner of deals.com.au". mUmBRELLA. Retrieved 16 January 2014.
  17. ↑ "News Corp buys Sky News in Australia and New Zealand from Seven and Nine". The Sydney Morning Herald. Fairfax Media. 1 December 2016. Retrieved 1 December 2016.
  18. ↑ "Four Corners Program Transcript". Australian Broadcasting Corporation. 12 October 2009. Retrieved 2 August 2014.
  19. ↑ Sullivan, Rohan (18 October 2006). "Australian Media Shakeup Begins". Washington Post. Retrieved 2 August 2014.
  20. ↑ "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.
  21. ↑ "Packer Turns Back On PBL Media". Forbes. 27 October 2008. Retrieved 2 August 2014.
  22. ↑ "Nine's new CEO Hugh Marks plans to respond to the Netflix challenge". The Sydney Morning Herald. Retrieved 2015-11-09.
  23. ↑ Peter Costello appointed Nine Chairman Sky News Australia 25 February 2016
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