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.