Credit: Nine Entertainment
Nine Entertainment will seek shareholder approval to sell its final regional TV assets to WIN Corporation while retaining a share of advertising revenue in those markets, AdNews can reveal.
The company lodged a notice of meeting with the ASX outlining the proposed sale of NBN Television in northern NSW and the Gold Coast, and its Darwin station, Territory TV. Shareholders will vote on May 21.
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 will exit ownership of the assets but continue to receive income from advertising in those regions.
WIN will own and operate the stations. Nine will supply programming and retain access to those audiences through its 9Now platform.
Nine will also handle national advertising sales in Northern NSW and Darwin as WIN’s agent, retaining influence over national demand flowing into those markets.
For advertisers and media buyers, the arrangement splits ownership from revenue. WIN controls the assets, while Nine keeps a share of the advertising income.
The structure also separates asset ownership from sales and revenue, with WIN responsible for operations and Nine continuing to drive national advertising while participating in the upside.
The deal also removes the cost of operating regional broadcast assets, including infrastructure and local operations.
Nine agreed earlier this year to sell its NBN Television business to WIN, converting it to an affiliate model.
WIN is controlled by Bruce Gordon, who holds about 22.98% of Nine Entertainment. The transaction requires approval from independent shareholders under ASX rules.
Independent expert Lonergan Edwards assessed the deal as fair and reasonable, with a valuation range of $13.4 million to $20 million for the combined businesses.
Nine said the transaction forms part of its shift toward metropolitan and digital operations, including 9Now, as free-to-air TV continues to face pressure on audiences and revenue.
The arrangement reflects a shift in how regional TV assets are structured, with ownership separated from advertising economics.
It also points to a broader move toward asset-light models in regional television, where broadcasters reduce infrastructure exposure while retaining revenue streams and sales influence.
The company also expects to realise about $100 million in capital losses from the sale, which can offset gains elsewhere in the business.
The deal completes Nine’s move to an affiliate model across regional Australia, with WIN Corporation operating the stations.
Nine has also been reshaping its broader media portfolio across other assets.
Recently completing its acquisition of QMS Media, as it builds out its cross-platform advertising capability across television, digital and out-of-home, while also selling its radio assets.
AdNews has contacted Nine for further comment.
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