Nine shares jump after John Wylie's Tanarra Capital takes stake

The news: Nine Entertainment shares jumped in early trading after reports that Tanarra Capital had taken a stake in the media company.

The numbers: Nine’s shares were up 2.17% to $1.27 in early trading, but over the last 12 months they have dropped 36.08%.

The context: Tanarra, run by fund manager John Wylie, has taken an undisclosed stake in Nine, according to The Australian Financial Review. However, the stake is not enough to become a substantial holder. Tanarra has over $3 billion in assets under management.

Nine’s shares sank during a tumultuous 2024 that saw a series of executive departures, including its chief executive Mike Sneesby, a cultural review that found there was “systemic” abuse of power in the company, and a large profit slide due to a torrid ad market.