Credit: Markus Winkler via Unsplash
Nine Entertainment is conducting a strategic review of Pedestrian Group following unsolicited interest about acquiring the asset, AdNews can reveal.
A spokesperson for Nine Entertainment said the review of the digital media unit was triggered after the company received approaches about purchasing the business.
“Nine is conducting a strategic review of the Pedestrian business following unsolicited enquiries from parties interested in acquiring the business,” the spokesperson told AdNews.
Nine did not confirm any sale process, nor whether it is actively engaging with potential buyers.
The company said any outcome remains uncertain, with no guarantee the review will result in a transaction.
“We have a responsibility to take all proposals seriously and there are no guarantees this will result in a transaction. Our focus remains on the content, our clients and our audience," the spokesperson said.
AdNews understands staff have also been made aware of the situation.
Nine Entertainment acquired a majority stake in Pedestrian.tv in 2015 for about $10 million, before taking full ownership in 2018 with a $39 million purchase of the remaining 40%.
The review comes after Nine recently completed its $850 million acquisition of outdoor media company QMS Media from Quadrant Private Equity.
The deal is expected to contribute $92 million in EBITDA and deliver about $20 million in cost synergies.
Nine has said its digital growth assets, including streaming platform Stan, 9Now, digital mastheads and outdoor, now account for more than 60% of group revenue.
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