Nine Entertainment has completed the conversion of its regional television assets NBN (Northern NSW) and Nine Darwin from wholly owned businesses to WIN Network affiliates.
The deal gives the media group $20.5 million in cash.
The transaction, which received approval from competition watchdog the ACCC and Nine shareholder sign-off, marks the third step in Nine's strategic transformation announced in January, following the sale of broadcast radio and the acquisition of outdoor media unit QMS Media.
Under the affiliate agreement, WIN will broadcast Nine's content across Northern NSW and Darwin.
Nine said the move reduces the capital intensity and operational complexity of regional broadcast infrastructure while retaining national brand reach and advertising scale.
Beyond the cash proceeds, the transaction allows Nine to crystallise about $100 million in tax losses associated with the assets.
Nine said growth businesses are expected to account for more than 60% of total revenue from next financial year, with the reshaped portfolio combining streaming and broadcast, publishing and QMS's outdoor assets into a cross-platform digital media proposition.
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