Nine Entertainment to sell ACM

Australia, 30th April: Nine Entertainment announced the company has agree to sell its Australian Community Media and Printing business (ACM), formerly owned by Fairfax Media, to Antony Catalano for A$125 million (US$88 million). The transaction will be completed by 30th June.

It is expected the cash proceeds of the sale will amount to A$115 million (US$81 million), of which A$10 million (US$7 million) is to be paid in the next 12 months. Nine Entertainment will receive an additional A$10 million (US$7 million) in advertising on ACM properties over the next three years.