In a sweeping transformation, Nine has acquired outdoor firm QMS and completed the long-awaited sale of its radio assets.
Nine said the change “meaningfully enhances” its “offering to advertisers as a unique cross-platform digital media proposition, combining Nine’s premium assets in Streaming and Broadcast, and Publishing with QMS’s leading outdoor assets”.
Nine CEO Matt Stanton said: “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. This positions Nine well for the future, enabling the Group to withstand industry disruption and deliver long-term sustainable value to our shareholders.”
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QMS
In a release, Nine said it had reached an agreement with Quadrant Private Equity to acquire QMS for $850 million and expects it to complete prior to 30 June. The purchase consideration will be funded from Nine’s existing debt facilities and cash reserves. The media business has been flush with cash since selling real estate listings business Domain to CoStar for $2.8 billion last year.
The outdoor category has been a standout performer in the Australian advertising market, growing by c.9 per cent annually from CY14-25, expanding its share of the Australian advertising market from 10 per cent to 18 per cent over that period.
Nine said it expects outdoor to remain resilient to the impact of the global digital platforms and AI, both of which represent challenges to other segments of the media marketplace.
Nine said the majority of QMS’s Australian sites are the higher yielding and more flexible digital formats (c. 95 per cent by revenue) resulting in above-sector growth and operating margins of 26 per cent.
QMS is estimated to have grown its share of the Australian outdoor market from c. 10 per cent in CY19 to c. 15 per cent in CY25 through a combination of high-profile tender wins, new site builds and digitisation of billboards.
Across QMS’s Australian portfolio, more than 80 per cent of Group contracts (by revenue) extend through December 2028, including the City of Sydney contract.
Nine said it “identified clear opportunities for operational efficiency” with the acquisition and expected to deliver in the order of $20 million of annual pre-tax cost synergies by year three (FY29). These synergies will be driven by the consolidation of back-office functions, technology infrastructure, procurement efficiencies and the switching of marketing spend into QMS.
Nine said it expected to glean incremental revenue opportunities with its expanded digital inventory.
“The acquisition of this high-growth digital outdoor media company, QMS, further diversifies Nine’s revenue streams and adds scale to our advertiser and agency relationships,” added Stanton.
“Together with our existing media assets, the acquisition will allow Nine to offer customers a broader advertising solution and the use of tools such as Nine Ad Manager for more targeted and localised messaging across a wider set of customers. We also see the opportunity to promote and drive subscriptions for our publishing mastheads and Stan through leveraging any excess QMS inventory.
“The QMS network will provide Nine with a branded platform to support key national news and sporting moments and serve as a public service utility for governments at all levels in times of emergency or community need. We are excited about the potential in this space.
“QMS is a highly complementary media platform, offering Nine the opportunity to drive significant value by leveraging our premium content on QMS screens and creating an unparalleled advertising proposition that spans from ‘Sofa to Street’.”
Radio
Nine has also sold its radio assets—2GB, 3AW, 4BC, 6PR, 2UE, Magic1278 and 4BH—to the Laundy Family Office (run by Arthur Laundy, who is among the country’s largest publicans) on a cash and debt free enterprise value of $56 million.
The sale is expected to complete prior to 30 June 2026, after customary conditions to completion, including ACCC approval, are satisfied.
Nine said that it retains a growing presence in the Digital Audio market, leveraging the Group’s video production and distribution capabilities, through podcasts, text-to-audio and vodcast (the convergence of digital audio and video).
Laundy is expected to remain a long-term partner of Nine, with plans to utilise Nine News journalists on radio, showcase Stan Sport through Laundy venues, provide promotion
and advertising sales collaboration, as well as increased advertising spend by Laundy on Nine properties.
Regional TV
Nine has also finalised an agreement to convert NBN Television from a wholly owned business to an affiliate, to be owned and operated by WIN. NBN will continue to broadcast Nine’s signal in the northern NSW licence area, including Newcastle, under an affiliate agreement for a term of at least five years, on similar terms to Nine’s existing regional affiliation agreement with WIN.
Completion of this transaction is subject to Nine shareholder approval and other customary conditions, including ACCC approval. Nine expects the EBITDA impact of this change to be around $7m in FY26 (on a pro forma basis). This process is expected to complete before 30 June 2026.
