-- Nine Entertainment (ASX:NEC) completed the sale of 100% of its broadcast radio assets to the Laundy Family Office for a cash and debt-free enterprise value of AU$56 million, as well as a future cash tax benefit of AU$51 million, according to a Thursday Australian bourse filing.
The company said it expects Laundy to remain a long-term partner, with the Laundy Group intending to utilize Nine News journalists on radio, showcase Stan Sport through Laundy venues, and provide promotion, advertising sales collaboration, and increased advertising spend on Nine properties.
Nine said it retains a "growing presence" in the digital audio market through podcasts, text-to-audio, and vodcasts, leveraging its video production and distribution capabilities, with monetization through its existing sales teams both on-platform via 9Now, Stan, and publishing mastheads and off-platform.