Nine boss Hugh Marks has offloaded 700,000 shares in the media company for “personal tax” reasons, earning himself a tidy $1.38m in the process.
According to Nine, the sale of the shares was to “satisfy personal tax obligations arising from previous share issues”.
Following the sale, Marks now owns 2.2 million shares in Nine directly, and 282,280 indirectly. In a statement to the ASX, Nine said the CEO also has 1.5 million performances rights available, subject to meeting specific vesting conditions.
Marks recently came under fire for hosting a $10,000-a-head Liberal fundraiser at Nine’s Willoughby headquarters, which drew the ire from the journalists of its newspaper mastheads. He since admitted his “mistake”.
Nine also recently released its end of financials for the 12 months to June, unveiling a $234 million profit for the year. That was up 12 per cent year on year.