Nine shuts down claims it’s being shopped to private equity

Nine Entertainment Co. has shut down claims that it is being shopped to private equity firms to gauge their interest in the company.

According to The Australian, the tyre-kicking move is in response to its rocky share price.

Nine shares started the year above $1 before sliding to 63c in October, valuing the free-to-air broadcaster, publisher, streamer and outdoor advertiser at just under $1 billion. The stock has since recovered some ground, closing at 85.5c on Friday, 13 November.

But in a statement to Mediaweek, a Nine spokesperson said: “Our Chair said at our AGM just over a week ago. We have no intent, at this stage, of not owning that asset. We believe it forms a critical part of the Nine portfolio, and we believe that we get significant benefits from having multiple assets that we work with across all of the different businesses of Nine.’”

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The private equity pitch

The proposal centred on selling The Australian Financial Review (AFR), Nine’s business masthead, while a private equity buyer would retain QMS, the outdoor advertising business Nine acquired from Quadrant Private Equity for $850 million.

Private equity firms are understood to have given the idea a cool reception.

Industry sources say Nine is under pressure to show the market it did not overpay for QMS. Rival outdoor company oOh!media sold to I Squared Capital this year for $898 million.

A first strike at the AGM

The share price was in focus at Nine’s annual general meeting on 6 November, where 34.40% of votes lodged opposed the company’s remuneration report - a first strike under the Corporations Act.

Chair Peter Tonagh acknowledged the “significant decline” in the share price and said the board believes the company is undervalued.

CEO Matt Stanton told shareholders investors were overlooking opportunities inside Nine, singling out the AFR. The masthead’s earnings have grown about 18% a year over five years, and it generated more than half of Nine’s publishing earnings in FY26.