Nine's share price falls as Ooh Media's takeover wins regulatory approval
Nine dropped 2.24% as the media index hit a record low of 340.3; Ooh Media's ACCC approval changed little.
Nine, Australia's largest domestically headquartered media company, fell 2.24% on Friday, continuing a sharp decline. The gap between Nine and Ooh Media has narrowed dramatically over the past month.
Ooh Media, Australia's second-biggest media firm, gained regulatory approval from the ACCC for its acquisition by I Squared Capital. The market reacted with indifference.
Ooh shares stayed flat; the upside from the deal is likely already largely priced in. The takeover still needs shareholder approval and faces a few other hurdles.
Other stocks moved modestly: Pureprofile rose 3.45%, Vinyl Group climbed 2.56%, Southern Cross Media gained 1.83%, and News Corp rose 1.09%. The Unmade Index closed at 340.3, down 0.76 for the day, a new record low.
- 2.24%
- Nine's share price fall
- 340.3
- Unmade Media Index close
- 340.3
- Index record low
- I Squared Capital
- Acquirer of Ooh Media
Why it mattersNine's declining value signals weakness in Australia's traditional media sector even as consolidation attempts proceed.
AustraliaAustralian media investors watch Nine's value erode; the takeover market offers little comfort if the broader sector keeps weakening.
✓ Claims checked against the source. checked 12 h ago
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