Nine sells events division Nine Live to private equity firm Affinity for $640m price tag

April 16, 2015 10:04

Nine Entertainment Co has today sold its events business Nine Live to private equity firm Affinity Equity Partners for $640m.

In a statement to the Australian Securities Exchange, Nine (ASX:NEC) confirmed the sale of the business, which includes ticketing business Ticketek, arguing the money from the sale would give them flexibility for other investment options and a possible return of capital to shareholders.

“Nine Live has grown strongly under NEC ownership for the past 8 years,” said David Gyngell. “The team, led by Geoff Jones, have done a remarkable job expanding the business into touring and events and, more recently, into international sports and exhibitions.”

Gyngell also flagged that in the wake of the sale Nine would be focusing the business on television, digital and subscription video on demand (SVOD).

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Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

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3 COMMENTS

exxy 16 Apr 15

interesting

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Big Fella 16 Apr 15

Getting back to the core business is very smart. Gyngell has the right idea.

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PX 18 Apr 15

Now has a stack load of cash to buy up extended NRL rights and possible AFL rights or make Seven pay even more? Also, cash to buy WIN or Southern Cross when the Audience Reach Rules change (if at all),

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