Nine Entertainment Co.
(ASX:NEC) has announced it has sold its entire 9.99 percent stake in Southern Cross Media.
Nine’s stake has traded at $1.54 per share, up from the $1.15 per share the company paid to acquire the stake in March of this year.
In April Nine and Southern Cross entered into a 5 year regional television affiliate agreement, which the company indicates has already bought significant commercial benefits to both parties.
Nine has indicated the proceeds of the sale will provide it with more flexibility in executing its strategy in the future.
Nine Entertainment Co. reported a net profit of $324.8 million at 30 June 2016.
