Fairfax shareholders gave “overwhelming” support for the multi-billion dollar merger. The deal was possible after Australia relaxed its media ownership laws last year. The new business will be called Nine, losing the well-known Fairfax name.
Nine Entertainment has announced a takeover of Fairfax Media in a surprise deal worth an estimated $4bn.
The merger, which the television network claims will create Australia’s largest integrated media player, was announced to the stock market on Thursday.
Fairfax Media appears extremely close to being declared ‘on the market’ as a new bidder, Hellman & Friedman, entered the auction room on Wednesday night with an indicative offer that trumped the TPG offer already on the table. This could easily mark the start of a bidding war between two US private equity groups, likely to move the 176-year-old media group into foreign hands.
Penton Media adds to its agriculture information business with acquisition of Farm Progress from Fairfax Media
