Nine Entertainment has finalized the sale of its radio broadcasting assets, including leading talkback stations 2GB and 3AW, to the family of Australian publican Arthur Laundy for $56 million.

In a move unveiled to shareholders this morning, the sale encompasses stations 2GB, 3AW, 4BC, 6PR, 2UE, Magic1278, and 4BH. Alongside this divestment, Nine announced its strategy to acquire the outdoor media company QMS Media for a total of $850 million.

Nine, which manages this publication, informed its shareholders that the transaction with the Laundy Family Office is projected to conclude by the end of June. Despite the sale, Nine plans to maintain a long-term partnership with these radio stations.

The announcement stated that Laundy intends to foster an enduring collaboration with Nine by integrating Nine News journalists into radio broadcasts, highlighting Stan Sport in Laundy-operated venues, and collaborating on promotions and advertising sales. Additionally, Laundy is expected to increase its advertising investment across Nine’s platforms.

In a further development, Nine revealed its acquisition of the leading digital outdoor media platform, QMS Media. Furthermore, the company is transitioning the regional TV station NBN, located in Northern NSW, from being a wholly-owned subsidiary to an affiliate under the management of Nine’s regional partner, WIN Network.

Nine Group chief executive officer Matt Stanton says the move positions the media giant well for the future.

“Today’s announcements mark a critical milestone in our Nine2028 transformation. These transactions will create a more efficient, higher-growth, and digitally powered Nine Group for our consumers, advertisers, shareholders and people,” he said.

“This positions Nine well for the future, enabling the group to withstand industry disruption and deliver long-term sustainable value to our shareholders.”

NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.