The Nine Network has finalised its purchase of WIN television in Perth. Source: AAP
THE Nine Network has bought back its Perth broadcaster from wealthy businessman and WIN Television owner Bruce Gordon.
The deal comes as its parent, Nine Entertainment, readies for a $3 billion listing on the Australian share market, potentially before the end of the year.
Nine Entertainment will buy Nine Perth, which has been owned by WIN Corporation since 2007, in a deal believed to be worth up to $200 million.
It comes after Nine's purchase of WIN Adelaide for $140 million earlier this year, and means it now owns the Nine Network in five capital cities.
"Following detailed discussions with WIN proprietor Bruce Gordon and the completion of due diligence requirements, we are now in a position to finalise the contracts on this pivotal deal for the Nine Network," Nine Entertainment chief executive David Gyngell said in a statement.
David Mott, the former head of programming at Network Ten, has been appointed Nine Perth's managing director.
"He's coming home to help us build this market and really make an impact," Mr Gyngell said.
Meanwhile, Nine Entertainment's owners, US hedge funds Apollo Global Management and Oaktree Capital Management, are reportedly eyeing early December as the most logical time for a $3.3 billion float of Nine.
In January this year, Nine and its shareholders agreed to a $3.4 billion recapitalisation plan, which ended private equity group CVC Asia Pacific's stewardship of Nine.
While the timing and value of a public listing of Nine is yet to be confirmed, the proceeds would be used to repay shareholders and reduce the company's debt.
Nine Entertainment also owns NBN Television and Ticketek.
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