Nine has this morning confirmed that it is in ongoing discussions with Ooh Media about a potential acquisition.
In a statement issued to the ASX, Nine said: "Those discussions are ongoing and there is no certainty that they will lead to a transaction. Further information will be disclosed to the ASX if any agreement for an acquisition is reached."
Meanwhile, a spokeperson for Ooh Media told AdNews: "The board is examining all options for what is best for the ongoing growth of the business."
Nine was ruled out in press reports of an Ooh Media acquisition back in September on account of the outdoor company being "fully priced." That situation as of this morning has clearly changed.
Ooh Media is the largest out-of-home media owner in Australia with a 35% market share.
The TV network, which itself was floated on the ASX in December last year, is also thought to be eyeing up potential radio acquisitions such as the Macquarie Radio Network and Fairfax's talk radio assets.
Ooh Media is 80% owned by equity firm Champ which paid AU$200 million to take the company private in 2012 and merged it with Eye Corp, a similar firm it purchased from Ten Network Holdings for half the price. Should the firms fail to find fitting suitors, potential IPOs remain on the cards.
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