Nine Entertainment (ASX:NEC) has inked a deal to sell its regional newspapers, Australian Community Media and Printing business (ACM) for $125 million to Antony Catalano and Thorney Investment Group.
Catalano is a former boss at ACM's previous owner Fairfax.
Nine says the deal is worth $115 million plus another $10 million in advertising
Funds from the sale will be used to reduce Group indebtedness.
Nine CEO Hugh Marks says the sale of ACM is aligned with its strategy to exit non-core businesses and to focus on Nine’s portfolio of high-growth, digital assets.
The transaction is subject to customary terms for such a sale.
Shares in Nine Entertainment (ASX:NEC) closed flat at $1.74 yesterday.