Shareholders of Nine Entertainment have overwhelmingly voted in favour of selling regional television stations in northern NSW and Darwin.
At a general meeting today, 99.82% voted for the sale to WIN, owned by billionaire Bruce Gordon, who is also a substantial shareholder in Nine with about 22.98% of the media group.
Competition watchdog the ACCC had already approved the deal.
The sale aligns with Nine’s strategy to focus on metropolitan markets and accelerate digital growth.
“Independent Expert, Lonergan Edwards & Associates, has concluded that the transaction is fair and reasonable to all our shareholders,” said Nine chair Peter Tonagh.
“Moreover, as Nine’s affiliate in most of regional Australia, we believe WIN is best-placed to operate these businesses going forward.”
The sale includes NBN Television in northern NSW and the Gold Coast, and Darwin station, Territory TV.
Nine will receive $14.8 million for NBN and $500,000 for the Darwin business. It will also enter program supply agreements with WIN for five years.
Under those agreements, Nine will receive 50% of gross NBN advertising revenue and 10% from the Darwin station.
Nine also expects to realise capital losses that will provide a cash benefit to Nine of about $100 million which will be used to reduce debt.
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