🗞️ Nine’s $700m question
As Nine nears a $1.4 billion payday for its stake in Domain, attention has turned to what it could offload next.
When John Wylie’s Tanarra Capital revealed a small stake in Nine Entertainment in January, it set off a wave of speculation in media and market circles about the company’s future.
Wylie is a renowned dealmaker, and Tanarra has developed a track record of betting on well-known ASX names just before they are involved in deal activity. “There’s a new chair, the company is searching for a new CEO, [and] there’s a collection of market-leading media assets, some of which are more valuable than others,” Tanarra portfolio manager Vidhur Rangaswamy told Capital Brief at the time.
Just weeks later, US real estate platform operator CoStar launched a bid for what was once considered Nine’s crown jewel asset, Domain. After a back-and-forth takeover battle, Nine is now poised to cash in its 60% stake in Domain for $1.4 billion, assuming shareholders vote in favour of the transaction on 4 August.
The Domain sale, along with lingering chatter about Nine’s radio assets, has led many insiders to speculate about what might come next.
