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| Nine and Fairfax, Two Australian Media Giants, to Merge | Nine and Fairfax, Two Australian Media Giants, to Merge |
| (35 minutes later) | |
| SYDNEY, Australia — Australian media group Nine Entertainment announced on Thursday it would merge with Fairfax Media in a bid to create an integrated media player that includes print, television and digital assets. | SYDNEY, Australia — Australian media group Nine Entertainment announced on Thursday it would merge with Fairfax Media in a bid to create an integrated media player that includes print, television and digital assets. |
| The deal, estimated to be worth about $4 billion Australian dollars ($3 billion), would give Nine control of the new company, to be called Nine, with its shareholders owning 51.1 percent of the business. | |
| The combined business will include Nine’s free-to-air television network, Fairfax’s print and online publications, including the Sydney Morning Herald and The Age, which are among the most powerful voices in the Australian news media, and the publisher’s lucrative online real estate portal, Domain. | The combined business will include Nine’s free-to-air television network, Fairfax’s print and online publications, including the Sydney Morning Herald and The Age, which are among the most powerful voices in the Australian news media, and the publisher’s lucrative online real estate portal, Domain. |
| “Over the last eight years Fairfax Media has gone from being at the mercy of the non-stop global media revolution to being the best of its breed,” Greg Hywood, Fairfax’s chief executive, said in a staff message. “That is why Nine wants to merge their business with ours.” | “Over the last eight years Fairfax Media has gone from being at the mercy of the non-stop global media revolution to being the best of its breed,” Greg Hywood, Fairfax’s chief executive, said in a staff message. “That is why Nine wants to merge their business with ours.” |
| He continued, “Working through the details will take a number of months but you can be assured that there will be plenty of Fairfax Media DNA in the merged company and Board.” | He continued, “Working through the details will take a number of months but you can be assured that there will be plenty of Fairfax Media DNA in the merged company and Board.” |
| Though news of the takeover came as a surprise to many, experts had predicted a deal between the two companies after new legislation last year eliminated restrictions separating broadcast media from print, allowing media companies to own more outlets in a city. | Though news of the takeover came as a surprise to many, experts had predicted a deal between the two companies after new legislation last year eliminated restrictions separating broadcast media from print, allowing media companies to own more outlets in a city. |
| Opponents of the deal said the changes would lead to a less diverse media market in what is already one of the world’s most concentrated media ecosystems. | Opponents of the deal said the changes would lead to a less diverse media market in what is already one of the world’s most concentrated media ecosystems. |
| The merger has also raised questions about whether Fairfax’s newspapers will be strengthened or weakened by the union with Nine, which is known for doing lighter lifestyle journalism than Fairfax — a journalistic institution in Australia that has long shaped public opinion on politics, business and culture. | The merger has also raised questions about whether Fairfax’s newspapers will be strengthened or weakened by the union with Nine, which is known for doing lighter lifestyle journalism than Fairfax — a journalistic institution in Australia that has long shaped public opinion on politics, business and culture. |
| “It’s catastrophic,” Denis Muller, a senior research fellow at the University of Melbourne’s Center for Advancing Journalism, said of the deal. “It’s clearly a takeover of Fairfax by Nine and it seems Nine will be calling the editorial shots.” | “It’s catastrophic,” Denis Muller, a senior research fellow at the University of Melbourne’s Center for Advancing Journalism, said of the deal. “It’s clearly a takeover of Fairfax by Nine and it seems Nine will be calling the editorial shots.” |
| Nine’s Hugh Marks will be the chief executive of the new company, and Peter Costello, a former Liberal party politician now also with Nine, will be the new chairman. | Nine’s Hugh Marks will be the chief executive of the new company, and Peter Costello, a former Liberal party politician now also with Nine, will be the new chairman. |
| Fairfax chief executive Greg Hywood is expected to leave the business after about six months. | Fairfax chief executive Greg Hywood is expected to leave the business after about six months. |
| The deal is expected to be completed by the end of the year. | The deal is expected to be completed by the end of the year. |