Nine has confirmed the sale of its weather information provider Weatherzone to US-based insights firm DTN.
Nine inherited its ownership of Weatherzone following the merger of Fairfax Media and Nine in December 2018 and had a 75 per cent holding in the business.
Nine CEO Hugh Marks said of the sale: “This is a mutually beneficial deal which sees us exiting a non-core business in order to focus on Nine’s portfolio of high-growth, digital, consumer-facing assets.
“For the team at Weatherzone it aligns them with a leader in the insights space and allows them to continue to grow and expand their business.”
DTN, which is headquartered out of Minneapolis, said the acquisition underscores its commitment to bringing the most accurate and actionable insights to consumers and customers in weather-sensitive industries throughout the world.
DTN CEO Steve Matthesen said: “Today we are excited to bring Weatherzone to DTN and expand our business in Australia.
“Weatherzone has a great team dedicated to serving consumers and clients with the best weather information and insights available. We look forward to working together, leveraging global technology to continue driving success for our customers.”
Weatherzone is the leading commercial provider of meteorological services in Australia, and specialises in providing services to weather-dependent businesses such as aviation, mining and transportation.
The price in the transaction remains confidential. However, the Australian Financial Review reported in July Nine was hoping to $50m from the sale.