Nine Entertainment has confirmed to Mediaweek that it is conducting a strategic review of Pedestrian Group following unsolicited enquiries from parties interested in acquiring the business.
The company said the review of the digital media unit was triggered by approaches about a potential purchase.
“Nine is conducting a strategic review of the Pedestrian business following unsolicited enquiries from parties interested in acquiring the business,” a Nine Entertainment spokesperson told Mediaweek.
No guaranteed transaction
Nine did not confirm whether a sale process is underway or whether it is actively engaging with potential buyers. The company said there is no guarantee the review will lead to a transaction.
“We have a responsibility to take all proposals seriously and there are no guarantees this will result in a transaction. Our focus remains on the content, our clients and our audience,” the spokesperson said.
Pedestrian’s history with Nine
Nine Entertainment acquired a majority stake in Pedestrian.tv in 2015 for about $10 million. It later took full ownership in 2018 through a $39 million purchase of the remaining 40%.
The review comes as Nine Entertainment has completed its $850 million acquisition of QMS Media, bringing the outdoor media company into the group and extending Nine’s advertising offer across streaming, broadcast, publishing and out-of-home.
Nine’s digital growth focus
Nine has said its digital growth assets, including Stan, 9Now, digital mastheads and outdoor, now account for more than 60% of group revenue.
The Pedestrian review comes as the company continues to sharpen its portfolio across digital, streaming, mastheads and outdoor media.