Nine Network, Fairfax seek to merge

[Samantha 2911]

A surprise announcement in Australian media as the Nine Network and Fairfax are looking to merge.

 

In a report to the stock exchange, the two companies announced they would seek to merge into a new company, NEC. Nine would hold a 51.1% stake in the combined company.

 

Fairfax primarily owns newspapers. Its people feel...sold out:

 

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There are also some people worried of scaling down of the regional news operations, given Nine's local division is lean, and of the end of Fairfax's collaborations in investigative reporting with the ABC.