Nine has sold its major sports events to endurance sports company The IRONMAN Group for $31 million.
About half of the employees within the events and entertainment division (formerly Fairfax Events and Entertainment) will move to The IRONMAN Group’s Oceania Division.
A number will lose their jobs as Nine exits some small events and exits the parenting vertical. Nine did not put a figure to redundancies.
The events include The Sun-Herald City2Surf presented by Westpac, The Sydney Morning Herald Half Marathon, Carman’s Women’s Fun Run, Melbourne Corporate Triathlon and Spring Cycle.
Nine’s publications will continue to have an ongoing relationship with their respective events, continuing as naming partners.
“The Fairfax Media Events team are outstanding and have a reputation for delivering world-class events," says Dave Beeche, Managing Director for The IRONMAN Group in Oceania.
Nine also confirmed that its business and food assets, which include the Night Noodle Markets, Good Food Month, The Australian Financial Review Business Summit and Women of Influence Awards, will move into its publishing division to better align with their editorial brands.
“Today’s announcement sees iconic events like The Sun-Herald City2Surf and The Sydney Morning Herald Half Marathon bought by an owner who is well placed to maximise the value of the business and help it grow into the future,” says Alex Parsons, Acting Managing Director of Nine’s Events and Entertainment division.
“The decision to put food and business within publishing helps to ensure popular events like Good Food Month and The Australian Financial Review Business Summit continue to be well placed to leverage the power of their associated editorial brands.”
Nine also confirmed it would no longer continue with some of its smaller sporting events, and also exit the parenting vertical. These changes have resulted in a limited number of redundancies within the business.
Alex Parsons, who was brought in to oversee the sale process, will complete the sale and related transactions in the coming weeks.
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