Nine Entertainment Co.
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Nine Entertainment Co. (NEC) investor relations material

Nine Entertainment Co. M&A announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A announcement summary29 Jan, 2026

Deal rationale and strategic fit

  • Acquisition of QMS Outdoor, a leading digital outdoor media platform, accelerates digital transformation and revenue diversification, shifting the portfolio to high-growth, digital assets.

  • Sale of radio assets and conversion/divestment of regional TV station NBN streamline operations and reinforce metro and digital focus.

  • Growth assets are projected to contribute over 60% of group revenue by FY27, up from 45% in FY25.

  • Enhanced cross-platform advertising proposition leverages premium content, digital outdoor reach, and incremental growth opportunities.

Financial terms and conditions

  • QMS Media acquired for $850m enterprise value (cash and debt free), funded from existing debt facilities and cash reserves, with a cash tax loss benefit of ~$32m.

  • Sale of radio assets for $56m and NBN for $14.8m–$15m, with total cash proceeds of $71m and significant cash tax loss benefits ($51m and $95m, respectively).

  • Net outlay, including tax loss benefits, is approximately $601m, resulting in pro forma EBITDA contribution of $113m and a 5.3x EV/EBITDA multiple.

  • Combined FY26 pro forma EPS accretion in the low single digits (pre-synergies) and low double digits (including synergies).

  • Positive EBITDA impact of ~$80m on a pre-AASB16 basis in FY26.

Synergies and expected cost savings

  • Annual pre-tax cost synergies of ~$20m expected by year three (FY29), mainly from back-office consolidation, procurement, tech, and marketing efficiencies.

  • Additional revenue opportunities through bundling outdoor inventory with video and publishing assets, and enhanced advertiser targeting.

Dividend franking impact on shareholder returns?
QMS resilience to digital platforms and AI
How will leverage reduce to target by FY27?
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Next Nine Entertainment Co. earnings date

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H1 202624 Feb, 2026
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Frequently asked questions

Nine Entertainment Co. Holdings Limited (NEC) is an Australian media company with a broad spectrum of operations that span news, sports, lifestyle, and entertainment sectors. Its business is organized into four main segments: Broadcasting, Digital and Publishing, Domain Group, and Stan. The Broadcasting segment is known for its free-to-air television activities, including 9Now and metropolitan radio networks across Australia. The Digital and Publishing segment encompasses Nine Digital (which includes Nine.com.au and other digital activities) and Metropolitan Media, offering a variety of news, sports, lifestyle, and business media across multiple platforms. The Domain Group focuses on real estate, media, and services businesses, while the Stan segment operates a subscription video on demand service. The company is headquartered in North Sydney, Australia, and its shares are listed on the Australian Securities Exchange.

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