Fairfax Media to be removed from S&P/ASX200

Company News

by Rachael Jones

S&P Dow Jones Indices will remove Fairfax Media (ASX:FXJ) from the S&P/ASX200 subject to final approval of the scheme of arrangement where the company will merge with Nine Entertainment Co Holdings (ASX:NEC).

In a brief shareholder meeting earlier this week 81.49 per cent of shareholders voted in favour of the merger with Nine Entertainment Co.

Although it is labelled as a merger, the split of the company gives Nine 51 per cent equity in the new business and control.

Shares in Fairfax media (ASX:FXJ) closed -0.79 per cent lower to $0.63 yesterday.
Nine Entertainment Co Holdings (ASX:NEC) Shares closed -0.59 per cent lower to $1.68. 
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.