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Nine Entertainment to sell Australian Community Media and Printing business

Published 30/04/2019, 09:33 am
Nine Entertainment to sell Australian Community Media and Printing business

April 30 (Reuters) - Australian television network Nine Entertainment Co Holdings NEC.AX on Tuesday said it would sell its Australian Community Media and Printing business to a company associated with ex-Domain Holdings DHG.AX CEO Antony Catalano and Thorney Investment Group.

The sale would generate cash proceeds of A$115 million ($81.1 million), which would primarily be used to reduce debt, Nine said.

"The sale of ACM is aligned with our strategy to exit non-core businesses and to focus on Nine's portfolio of high-growth, digital assets," Chief Executive Hugh Marks said in a statement.

Catalano and Thorney Investment were not immediately available for comment.

($1 = 1.4174 Australian dollars)

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