Nine confirms it has bought stake in online youth site Pedestrian.tv

PedestrianNine Entertainment has this afternoon confirmed it has bought a major stake in youth online brand Pedestrian.tv, while remaining coy on the price paid or the size of its stake.

A Nine spokeswoman declined to comment on the price paid by the media company however, the news comes just a day after media reports emerged that Mi9, Nine’s digital division, was looking to spend $10m on a 60 per cent stake in the business.

Alex Parsons, managing director of Mi9, told Mumbrella: “When we look at the market and where our strengths are, we saw an opportunity in that youth segment. It is where our current offering is not as strong as it could be.”

“When you look at that, you then say we could go down the path of build, buy or partner in this space. Building in that segment is difficult – the youth segment can be fickle and a tough audience to crack.”

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