Fairfax Shareholders Greenlight Nine Merger

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Fairfax Media’s shareholders have given their approval to Nine Entertainment’s takeover offer.

“Our shareholders clearly see the potential of maintaining their shareholding in Fairfax’s growing businesses while participating in the combination benefits with Nine,” said Fairfax Chairman Nick Falloon. “We believe the merged businesses will deliver a stronger, digitally-focused media organization with a compelling multiplatform audience reach.”

Fairfax CEO Greg Hywood added, “Today is a momentous day for Fairfax Media. The company is entering the next phase in its more than century-long development. Our businesses and our journalism are well positioned to continue to be the most compelling voices for the years ahead. The combined group’s increased scale of audiences and marketing platforms will drive value-creation and deliver long-term benefits to shareholders.”

The merger will combine Fairfax’s publishing business with the Nine free-to-air network, the digital businesses Domain, Stan and 9Now and radio interests through Macquarie Media.

The merger is expected to be completed on December 7, pending approval in a court hearing on November 27.