PHOTO: Domain
Nine and Fairfax Media announced the takeover proposal to the ASX, and under the deal, Nine will gain control of Fairfax-owned Domain.
Upon completion of the transaction, Nine shareholders will own 51.1 per cent of the combined entity, with Fairfax shareholders owning the remaining 48.9 per cent.
The deal will also see the end of Fairfax Media as the merged company will be called Nine and will be led by Nine’s current CEO, Hugh Marks.
Mr Marks confirmed earlier today that the primary motivators for the takeover was acquiring the Stan and Domain assets.
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