Nine announces sale of ACM for AU$125mn
Australian media giant Nine has announced the sale of the Australian Community Media and Printing (ACM) business, with a sale price of AU$125mn and an expected transaction completion date of 30 June 2019.
The acquisition will be by what Nine calls “a company controlled by interests associated with Antony Catalano and Thorney Investment Group”
In its press release on the matter, Nine said that is has entered an arrangement with ACM that will see it retain various elements of the relationship between the two firms, including the printing of Nine publications such as the Sydney Morning Herald, The Age and the Australian Financial Review.
“The sale of ACM is aligned with our strategy to exit non-core businesses and to focus on Nine’s portfolio of high-growth, digital assets,” said Hugh Marks, Chief Executive Officer of Nine, in the company’s statement.
“We will retain a commercial relationship with ACM and look forward to continuing to work with the business in areas where there are mutual benefits to both Nine and ACM.”
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