Nine Network to take over Fairfax in estimated $4bn deal

Nine Entertainment has announced a takeover of Fairfax Media in a surprise deal worth an estimated $4bn. The merger, which the television network claims will create Australia’s largest integrated media player, was announced to the stock market on Thursday.

Nine will take a controlling 51.1% share in the new business with Fairfax taking the rest. The combined entity will take the name of Nine’s parent company, Nine Entertainment Co, or NEC

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