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Tag: Fairfax Media

  • Hugh Marks resigns as CEO of Nine Entertainment

    Hugh Marks resigns as CEO of Nine Entertainment

    MUMBAI: Hugh Marks has resigned as CEO of leading Australian media conglomerate Nine Entertainment. His departure was announced on Monday.

    The 54-year-old will "actively continue" in his role as group CEO till his exit sometime during the second half of the current fiscal, i.e. June 2021. Meanwhile, the board has already begun looking for a replacement for Marks.

    “When I was appointed CEO five years ago, my brief was to lead the transformation of what was then a television business to a digitally-based media company. We have achieved so much in that time frame. Bringing together three legacy media businesses, each with their own structural challenges, and investing in the assets that will ensure our position at the forefront of Australia’s media future,” Marks said in a statement.

    During his time at the company, Nine acquired Fairfax Media, a newspaper and TV group that owned the other half of streaming platform Stan not owned by Nine. The company also acquired Macquarie Media. These are now known as Nine Publishing and Nine Radio.

    For the 12-month period to end-June 2020, Nine reported losses of $419 million on revenue of $1.60 billion. Profits for continuing businesses were $117 million, a drop of 19 per cent.

    Marks added, “Nine’s suite of assets today – with Stan, 9Now and Domain complementing our core broadcasting and publishing businesses – is second to none in Australia. With almost 50 per cent of our earnings sourced from our digital assets providing a clear growth profile for the company. I am confident this is an opportune time to announce my retirement."

  • Fairfax Media receives revised TPG indicative offer

    MUMBAI: Fairfax Media Limited has received a revised, indicative, preliminary and non-binding proposal from a consortium including TPG Group (TPG) and Ontario Teachers’ Pension Plan Board (together with its affiliates, OTTP) (collectively, the TPG Consortium) to acquire 100% of the shares in Fairfax (on a fully diluted basis) at a price of $1.20 per share (less the value of any dividends or other distributions declared, proposed or paid after 14 May 2017), with all consideration being in cash (Revised Indicative Proposal).

    Earlier, on 5 May, Fairfax had received an unsolicited indicative proposal from TPG Consortium. Macquarie Capital and Herbert Smith Freehills are advising Fairfax.

    The Revised Indicative Proposal follows the Indicative Proposal of $1.20 – $1.25 per share, which was recently received from the TPG Consortium, as announced on 8 May 2017.

    The Revised Indicative Proposal is subject to a number of conditions, including due diligence, shareholder approval at a Fairfax scheme meeting which would be required to implement the Revised Indicative Proposal, and obtaining requisite regulatory approvals, including approval from the Australian Foreign Investment Review Board (FIRB) and New Zealand Overseas Investment Office (OIO), and other conditions outlined below.

    The Fairfax Board of Directors is reviewing the Revised Indicative Proposal. The Fairfax Board notes that there is no certainty that the Revised Indicative Proposal will result in an offer for Fairfax, what the terms of any offer would be, or whether there will be a recommendation by the Fairfax Board.

    Fairfax shareholders do not need to take any action in response to the Revised Indicative Proposal and the Fairfax Board will update shareholders when it has been fully assessed.

    Regardless of whether the Revised Indicative Proposal proceeds to an offer for Fairfax, the Fairfax Board believes that Fairfax has an announced strategy for the future that will deliver value for shareholders. Fairfax is continuing to progress the preparation for the announced potential separation of Domain Group.

    Fairfax, on 5 May, received an unsolicited, preliminary, non-binding indication of interest from a consortium including TPG Group (TPG) and Ontario Teachers’ Pension Plan Board (together with its affiliates, OTTP) (collectively, the TPG Consortium) to acquire Fairfax for a combination of cash and scrip consideration in a newly listed vehicle (Indicative Proposal).

    The effect of the Indicative Proposal, if implemented, would be for the TPG Consortium to acquire Domain, Australian Metro Media, Events and Digital Ventures (excluding Stan) for cash consideration of $0.95 per share; while existing Fairfax shareholders would retain 100% of Australian Community Media, New Zealand Publishing, and shareholdings in Macquarie Media Limited and Stan, through a distribution to them of scrip in a listed vehicle containing those businesses and the existing Fairfax net indebtedness.

    The Indicative Proposal is subject to a number of conditions, including due diligence, shareholder approval at the Fairfax scheme meetings which would be required to implement the Indicative Proposal, and obtaining requisite regulatory approvals, including Foreign Investment Review Board (FIRB) approval.