Nine Entertainment in takeover bid for Macquarie Media

Company News

by Rachael Jones

Nine Entertainment Co. Holdings (ASX:NEC) through its wholly owned subsidiary Fairfax Media h as announced an all-cash off-market takeover offer to acquire all of the outstanding shares in Macquarie Media (ASX:MRN).

At $1.46 per shares the offer equates to an enterprise value of $275.4 million, inclusive of MRN’s 30 June 2019 net debt of $22 million and payment of its August 2019 dividend.

The acquisition will be 100 per cent financed from cash reserves and existing debt facilities.

CEO of Nine, Hugh Marks, says it consolidates Nine’s position as a supplier of News and Current Affairs content across all of their key platforms – Television, Digital, Print and now Radio.

Shares in Nine Entertainment Co. Holdings (ASX:NEC) trading 1.07 per cent higher at $1.90.

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.