Nine Entertainment has sold its broadcast radio assets, including the top-rating talkback stations 2GB and 3AW, to Australian publican Arthur Laundy and his family for $56 million.
The sale, which includes 2GB, 3AW, 4BC, 6PR, 2UE, Magic1278 and 4BH, was announced to shareholders this morning among a number of changes to the media giant’s strategy which also include acquiring outdoor media platform QMS Media for $850 million.
Nine, which is the publisher of this website, told shareholders that the sale to the Laundy Family Office is expected to be completed by the end of June this year and that Nine will remain a long-term partner of the radio stations.
“Laundy is expected to remain a long-term partner of Nine, with plans to utilise Nine News journalists on radio, showcase Stan Sport through Laundy venues, provide promotion and advertising sales collaboration, as well as increased advertising spend by Laundy on Nine properties,” the release reads.
Nine this morning also announced it was buying leading digital outdoor media platform, QMS Media and converting regional television station NBN (Northern NSW) from a wholly-owned business to an affiliate, owned and operated by Nine’s regional partner, WIN Network.
Nine Group chief executive officer Matt Stanton says the move positions the media giant well for the future.
“Today’s announcements mark a critical milestone in our Nine2028 transformation. These transactions will create a more efficient, higher-growth, and digitally powered Nine Group for our consumers, advertisers, shareholders and people,” he said.
“This positions Nine well for the future, enabling the group to withstand industry disruption and deliver long-term sustainable value to our shareholders.”
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