A consortium of investors and philanthropists led by Peter Tonagh, Nick Harrington, Geoff Wilson and John McKinnon completed the acquisition of Australian Associated Press Pty Limited from Nine Entertainment Co. Holdings Limited, News Corp Australia Holdings Pty Limited and others.
August 04, 2020
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A consortium of investors and philanthropists led by Peter Tonagh, Nick Harrington, Geoff Wilson and John McKinnon agreed to acquire Australian Associated Press Pty Limited from Nine Entertainment Co. Holdings Limited (ASX:NEC), News Corp Australia Holdings Pty Limited and others for AUD 1 on June 5, 2020. On June 29, 2020, a formal agreement was signed. Under the terms of the transaction, 85-95 jobs will be available to Australian Associated Press' staff. Around 70-75 editorial positions will be offered by the new owners, along with other management, IT and support roles. Staff will begin to be transferred immediately. There will be few job losses as well. A binding sale contract is expected to be signed by the middle of June 2020. Emma Cowdroy will be the new Chief Executive Officer of Australian Associated Press Pty Limited. Australian Associated Press Editor-In-Chief, Tony Gillies will not be joining the new venture as part of leadership team. Tony Gillies will remain until July 31, 2020. As of June 14, 2020, this deal is expected to be finalized in this week. As of June 29, 2020, the deal is expected to be finalized ahead of settlement on July 31, 2020. TMT Partners Pty Limited acted as financial advisor to Australian Associated Press.
A consortium of investors and philanthropists led by Peter Tonagh, Nick Harrington, Geoff Wilson and John McKinnon completed the acquisition of Australian Associated Press Pty Limited from Nine Entertainment Co. Holdings Limited (ASX:NEC), News Corp Australia Holdings Pty Limited and others on August 5, 2020.
Nine Entertainment Co. Holdings Ltd is an Australia-based media company. It is focused on providing brands spanning news, sport, lifestyle, and entertainment to users. It operates four segments: Broadcasting, Digital and Publishing, Domain Group, and Stan. The Broadcasting segment includes free to air television activities, 9Now and metropolitan radio networks in Australia. The Digital and Publishing segment includes Nine Digital (Nine.com.au and other digital activities) and Metropolitan Media (metropolitan news, sport, lifestyle, and business media across various platforms). The Domain Group segment includes real estate, media and services businesses. The Stan segment includes a subscription video on demand service. Its featured content includes 9News, 60 Minutes, TODAY and A Current Affair to Married at First Sight, The Block, Love Island Australia and LEGO Masters Australia, NRLW, Sports Sunday, Getaway, Good Food Kitchen, The Equalizer, The Bachelorette, and The Thing About Pam.
A consortium of investors and philanthropists led by Peter Tonagh, Nick Harrington, Geoff Wilson and John McKinnon completed the acquisition of Australian Associated Press Pty Limited from Nine Entertainment Co. Holdings Limited, News Corp Australia Holdings Pty Limited and others.