45-416: Nine Entertainment (registered as Nine Entertainment Co. Holdings Ltd ) is an Australian publicly listed mass media company with holdings in radio and television broadcasting, publishing and digital media . It uses Nine as its corporate branding and also prefers this usage to be used for the parent company. The entity is largely a successor to the former Publishing and Broadcasting Limited (PBL), which
90-440: A company they perceive as possibly lacking liquidity. For example, if all shareholders were to simultaneously try to sell their shares in the open market, this would immediately create downward pressure on the price for which the share is traded unless there were an equal number of buyers willing to purchase the security at the price the sellers demand. So, sellers would have to either reduce their price or choose not to sell. Thus,
135-401: A long period of time after maturity into a profitable company. However, from 1997 to 2012, the number of corporations publicly traded on US stock exchanges dropped 45%. According to one observer ( Gerald F. Davis ), "public corporations have become less concentrated, less integrated, less interconnected at the top, shorter lived, less remunerative for average investors, and less prevalent since
180-604: A long-term interest in a small cinema chain in Tasmania through a joint venture with Village Roadshow until 2013. The joint venture owned four cinemas which were branded as 'Village Cinemas'. This interest was originally acquired by ENT Ltd. in 1988. In early 2006, WIN Corporation bought a 25% stake in the St. George Illawarra Dragons from the Illawarra Steelers for $ 6.5 million. In August 2018 WIN Corporation purchased
225-554: A majority investment in real estate web portal Domain Group . The company was a successor of the long-established Australian media group Australian Consolidated Press (ACP), created by Sir Frank Packer , whose Channel 9 was Australia's first commercial TV network. Kerry Packer inherited the company after his father's death in 1974. ACP was combined with the Nine Network in 1994 as Publishing and Broadcasting Ltd (PBL). Under
270-615: A private investment group which included Paramount Television programming executive Bruce Gordon . This allowed Murdoch to purchase Sydney station TEN-10 . In 1985, TWT was made public on the Sydney Stock Exchange as TWT Holdings Limited with Gordon retaining a 70 per cent stake. Gordon privatised the business in 1992 to become WIN Corporation . In the late 1980s, the Federal Government's television equalisation program (known as aggregation) gave Gordon
315-520: A public company. In the United Kingdom , it is usually a public limited company (plc). In France , it is a société anonyme (SA). In Germany , it is an Aktiengesellschaft (AG). While the general idea of a public company may be similar, differences are meaningful and are at the core of international law disputes with regard to industry and trade. Usually, the securities of a publicly traded company are owned by many investors while
360-553: A separate entity, its former shareholders receiving compensation in the form of either cash, shares in the purchasing company or a combination of both. When the compensation is primarily shares then the deal is often considered a merger . Subsidiaries and joint ventures can also be created de novo . That often happens in the financial sector. Subsidiaries and joint ventures of publicly traded companies are not generally considered to be privately held companies (even though they themselves are not publicly traded) and are generally subject to
405-518: A split of PBL into two companies, after Kerry Packer's death in 2005, PBL Media, formerly held by PBL, was transferred to Consolidated Media Holdings (CMH). PBL Media was established in October 2006, when PBL transferred its media interests, including the ACP Magazines , Nine Network, and ninemsn , to the new business – a joint venture between PBL and CVC Asia Pacific . The recapitalisation
450-526: A stake less than 1%. From 2 December 2010, PBL Media rebranded as Nine Entertainment Company In December 2011 former McDonald's Australia chief executive Peter Bush was appointed chairman following the resignation of Tim Parker. In February 2013 David Haslingden, previously President and Chief Operating Officer of Fox Networks Group, was appointed to the Board as an independent non-executive director and chairman. In December 2013, Nine Entertainment listed on
495-483: A total audience reach of 4.842 million people. Through Bruce Gordon's leadership, in the late 1990s and 2000s, WIN built stakes in PBL , Network Ten , and TPG Telecom . TPG Telecom was at the time known as SP Telemedia and owned fellow Nine affiliate NBN Television . August 2005 saw WIN purchase a controlling 50.1 per cent stake in satellite subscription television carrier SelecTV , however failure in adequately growing
SECTION 10
#1732787260176540-476: Is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( listed company ), which facilitates the trade of shares, or not ( unlisted public company ). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are private enterprises in
585-649: Is especially prevalent in such countries as the United Kingdom and the United States. In the United States, the Securities and Exchange Commission requires firms whose stock is traded publicly to report their major shareholders each year. The reports identify all institutional shareholders (primarily firms that own stock in other companies), all company officials who own shares in their firm, and all individuals or institutions owning more than 5% of
630-462: Is higher than its existing 39% deal with WIN. Nine sold its stake in the business in September. On 26 July 2018, Nine Entertainment Co. and Fairfax Media announced they agreed on terms for a merger between the two companies to become Australia's largest media company. As a result of the merger, Nine shareholders own 51.1 percent of the combined entity and Fairfax shareholders own 48.9 percent. After
675-408: Is privately held can buy out the shareholders of a public company, taking the company off the public markets. That is typically done through a leveraged buyout and occurs when the buyers believe the securities have been undervalued by investors. In some cases, public companies that are in severe financial distress may also approach a private company or companies to take over ownership and management of
720-425: Is traded on a major stock exchange, it is not uncommon when shares are traded over-the-counter (OTC). Since individual buyers and sellers need to incorporate news about the company into their purchasing decisions, a security with an imbalance of buyers or sellers may not feel the full effect of recent news. WIN Corporation WIN Corporation is a private Australian media company, that owns assets including
765-404: Is when a company has little or no trading activity and the market price is simply the price at which the most recent trade took place, which could be days or weeks ago. This occurs when there are no buyers willing to purchase the securities at the price being offered by the sellers and there are no sellers willing to sell at the price the buyers are willing to pay. While this is rare when the company
810-637: The WIN Television network, Crawford Productions and several local radio stations. The company is based in Wollongong , New South Wales . The WIN brand began from a sole free-to-air terrestrial television station in Wollongong, WIN-4 , owned by Television Wollongong Transmissions (TWT). In 1979, then-owner Rupert Murdoch sold his 76 per cent controlling interest in TWT to Oberon Broadcasters ,
855-476: The private sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states and so have associations and formal designations, which are distinct and separate in the polity in which they reside. In the United States , for example, a public company is usually a type of corporation though a corporation need not be
900-451: The 1934 Act are generally deemed public companies. A public company possess some advantages over privately held businesses. Many stock exchanges require that publicly traded companies have their accounts regularly audited by outside auditors and then publish the accounts to their shareholders. Besides the cost, that may make useful information available to competitors. Various other annual and quarterly reports are also required by law. In
945-471: The ASX, trading as ASX : NEC . Vendors included Apollo Global Management , Oaktree Capital and Goldman Sachs who took over from CVC in a refinancing deal in October 2012 when Nine was on the brink of receivership. In 2014, Nine Entertainment Co. founded online streaming company Stan with Fairfax Media, investing $ 50 million into the joint venture. On 16 April 2015, Nine Entertainment Co. announced
SECTION 20
#1732787260176990-484: The Illawarra Steelers remaining 25% stake for a "commercially in confidence" sum, taking its stake to 50%. It was announced on 23 May 2016 that WIN Television had signed an affiliation agreement with Network Ten for a five-year period starting on 1 July 2016. WIN's former affiliation partner, Nine Network , signed with Southern Cross Austereo in April 2016 having secured a 50 per cent revenue share deal. WIN plays
1035-792: The Nine-branded metropolitan Adelaide station to Nine Network 's parent Nine Entertainment Co. for $ 140 million along with an option to purchase the Perth station, which was exercised in September 2013. In October 2015 WIN Corporation purchased a 14 per cent stake in Nine Entertainment Co. from investment fund operator Apollo. In 2008, WIN invested in a 50 per cent share of the Australian Poker League, buying from its founder Martin Martinez. However this stake
1080-492: The United States, the Sarbanes–Oxley Act imposes additional requirements. The requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control. The principal–agent problem , or the agency problem is a key weakness of public companies. The separation of a company's ownership and control
1125-446: The appointment of Mike Sneesby as Chief Executive Officer, effective 1 April 2021, following Hugh Marks resignation. On 12 March 2021, Nine announced that it would be returning its regional affiliation back to WIN Television , ending its 5 year affiliation with SCA . As part of the deal, WIN will pay Nine 50% of advertising revenue and provide airtime to Nine's assets across the networks television and radio network. The affiliation switch
1170-432: The company. One way of doing so would be to make a rights issue designed to enable the new investor to acquire a supermajority . With a supermajority, the company could then be relisted, or privatized. Alternatively, a publicly traded company may be purchased by one or more other publicly traded companies, with the target company becoming either a subsidiary or joint venture of the purchaser(s), or ceasing to exist as
1215-444: The firm's stock. For many years, newly-created companies were privately held but held initial public offering to become publicly traded company or to be acquired by another company if they became larger and more profitable or had promising prospects. More infrequently, some companies such as the investment banking firm Goldman Sachs and the logistics services provider United Parcel Service (UPS) chose to remain privately held for
1260-475: The first time instead of booking with WIN. In June 2024, Peter Costello resigned as chairman and was replaced by Catherine West. In September 2024, after mounting pressure over allegations of toxic culture, Mike Sneesby announced he was stepping down as chief executive of Nine Entertainment and would leave the media company at the end of the month. The following stations are run under a lease agreement by Ace Radio . Public company A public company
1305-634: The increased purchase price of approximately $ 526 million. On 27 October 2008, James Packer and CMH representatives, such as Alexander, resigned from the board of PBL Media, effectively ending financial backing and future associations with the company. James Packer later sold his media interests. On 16 December 2008, PBL Media issued a press release stating that the company's majority shareholder, CVC Capital Partners , had refinanced debt facilities as well as injecting in excess of $ 300 million. CMH stated that they would not be investing any further funds, and as such, CMH's 25% interest became diluted to
1350-605: The merger between Nine Entertainment Co and Fairfax Media in December 2018, WIN Corporation's stake was diluted to 7.76% but later increased to 15.24% in January 2018. In September 2018, it was announced that WIN Corporation's overall economic interest had grown to 25%. On 25 May 2020, Nine Entertainment sold their New Zealand subsidiary Stuff , which had been acquired during the purchase of Fairfax in December 2018, to Stuff's chief executive Sinead Boucher for NZ$ 1. The transaction
1395-425: The number of trades in a given period of time, commonly referred to as the "volume" is important when determining how well a company's market capitalization reflects true fair market value of the company as a whole. The higher the volume, the more the fair market value of the company is likely to be reflected by its market capitalization. Another example of the impact of volume on the accuracy of market capitalization
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1440-463: The opportunity to initiate a period of growth by acquiring television stations in regional Queensland , Victoria , and Tasmania . In the late 1990s, WIN acquired their South Australian station and developed a new Western Australian station from scratch. These stations were integrated into what is now known as the WIN Network . The WIN Network covers large areas of regional Australia and has
1485-497: The price per share. For example, a company with two million shares outstanding and a price per share of US$ 40 has a market capitalization of US$ 80 million. However, a company's market capitalization should not be confused with the fair market value of the company as a whole since the price per share are influenced by other factors such as the volume of shares traded. Low trading volume can cause artificially low prices for securities, due to investors being apprehensive of investing in
1530-552: The sale of its Nine Live business to Affinity Equity Partners for $ 640 million to reduce debt and fund an ongoing capital management program. In October 2015, the WIN Corporation purchased a 14% stake in Nine Entertainment Co. from investment fund operator Apollo. In November 2015, Hugh Marks was appointed as CEO. He replaced David Gyngell , who remained on the board. In February 2016, Peter Costello
1575-446: The same reporting requirements as publicly traded companies. Finally, shares in subsidiaries and joint ventures can be (re)-offered to the public at any time. Firms that are sold in this manner are called spin-outs . Most industrialized jurisdictions have enacted laws and regulations that detail the steps that prospective owners (public or private) must undertake if they wish to take over a publicly traded corporation. That often entails
1620-502: The shares of a privately held company are owned by relatively few shareholders. A company with many shareholders is not necessarily a publicly traded company. Conversely, a publicly traded company typically (but not necessarily) has many shareholders. In the United States, companies with over 500 shareholders in some instances are required to report under the Securities Exchange Act of 1934 ; companies that report under
1665-479: The subscriber base along with high debts saw the business placed in voluntary administration in February 2011. On 21 April 2007, the board of Sunraysia Television endorsed WIN's revised offer of $ 163 million for Channel Nine Perth , which went through on 8 June 2007. On 30 May 2007, Southern Cross Broadcasting announced its sale of Channel Nine Adelaide to WIN for $ 105 million. In June 2013, WIN offloaded
1710-428: The turn of the 21st century". Davis argues that technological changes such as the decline in price and increasing power, quality and flexibility of computer numerical control machines and newer digitally enabled tools such as 3D printing will lead to smaller and more local organization of production. In corporate privatization, more often called " going private ," a group of private investors or another company that
1755-409: The would-be buyer(s) making a formal offer for each share of the company to shareholders. The shares of a publicly traded company are often traded on a stock exchange . The value or "size" of a company is called its market capitalization , a term which is often shortened to "market cap". This is calculated as the number of shares outstanding (as opposed to authorized but not necessarily issued) times
1800-403: Was announced on 18 October 2006. John Alexander, chief executive officer of PBL, was announced as the executive chairman of PBL Media, along with Ian Law as CEO and Pat O'Sullivan as chief financial officer . In June 2007, PBL announced that it would sell a further 25% to CVC Capital Partners for $ 515 million. In September 2007, it was announced that the transaction was to go ahead at
1845-571: Was appointed chair. In March 2016, Nine Entertainment Co purchased a 9.9% stake in Southern Cross Media Group from the Macquarie Group . On 29 April 2016, Nine Entertainment Co. ended a 27-year affiliation agreement with WIN Corporation, instead partnering with Southern Cross Austereo in parts of regional Queensland, New South Wales and Victoria, after securing a 50% revenue sharing deal with Southern Cross, which
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1890-682: Was completed by 31 May and marked the return of Stuff into New Zealand ownership. As part of the agreement, Nine received all proceeds of the sale of wholesale broadband business Stuff Fibre to telecommunications company Vocus Group , and ownership of Stuff's Wellington printing press. In November 2020, Hugh Marks resigned from the Nine Network after revealing he was in a relationship with a former colleague. Nine Entertainment relocated from Willoughby , where it had been based for 64 years, to new offices at 1 Denison Street, in North Sydney in December 2020. In March 2021, Nine Entertainment announced
1935-728: Was established by the Packer family . The Packers officially ended their involvement with the company in 2008 and its name was changed to Nine in 2010. The company merged with Fairfax Media in December 2018, expanding its brands and investments across television, video on demand, print, digital, radio and real estate classifieds. Nine's assets include the Nine Network , Nine Radio ; major newspaper mastheads such as The Sydney Morning Herald , The Age and The Australian Financial Review ; digital properties such as nine.com.au , 9Honey , Pedestrian ; video-on-demand platform Stan ; and
1980-633: Was reversed on 1 July 2021. Upon the switch, WIN's unique branding was phased out in favour of Nine's metro branding with the WIN branding retained for local idents, promos, community announcements and sponsor billboards. However, WIN News remains under its unique name and format. It was announced on 15 September 2021, that WIN's advertising department would be merged into Nine's advertising team with Nine's advertising platform 9Galaxy extending into regional areas from July 2022. This will mean advertisers in regional areas can book advertising directly with Nine for
2025-507: Was sold in 2012. On 4 June 2009, signalling their continued interest in digital assets, WIN increased to 18.4 per cent their stake in publicly listed company Quickflix , an Australian provider of online DVD rental and subscription movie and television series downloads. In the following years, WIN's share of the business dwindled down to 3.5 per cent as of 2014 as Quickflix continued to raise capital through issuing new shares. In April 2016, Quickflix entered voluntary administration. WIN held
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