Sneesby sidesteps Foxtel M&A talk as Nine's bankers shop Domain
Moves by Nine Entertainment's bankers to test market interest in Domain have reignited speculation about broader portfolio changes at the company - including a tilt at Foxtel.
Moves by Nine Entertainment's investment bankers to test market interest in real estate portal Domain have stoked speculation about a broader portfolio overhaul at the legacy media operator, including a tilt at News Corp's pay TV business Foxtel.
Senior market sources told Capital Brief in early August that Nine Entertainment held exploratory talks with News Corp over Foxtel in recent months. Those talks took place — and ended — before News Corp effectively hung a for sale sign above Foxtel and appointed Goldman Sachs to evaluate options for the business following a "third-party approach".
On a media call following Nine's full-year result this week, Nine chief executive Mike Sneesby would not be drawn on Nine's interest in Foxtel. “Any M&A that we might consider or look at — in fact, any commercial deals that we look at — we’re not in a position to be talking about [them] … whether [discussions] have or have not taken place,” he said.
“And we certainly have not said anything about the speculation that’s been reported in relation to that potential conversation.”
