April 29, 2019 / 11:41 PM / 3 months ago

Nine Entertainment to sell Australian Community Media and Printing business

(Reuters) - Australian television network Nine Entertainment Co Holdings on Tuesday said it would sell its Australian Community Media and Printing business to a company associated with ex-Domain Holdings CEO Antony Catalano and Thorney Investment Group.

The sale would generate cash proceeds of A$115 million ($81.1 million), which would primarily be used to reduce debt, Nine said.

“The sale of ACM is aligned with our strategy to exit non-core businesses and to focus on Nine’s portfolio of high-growth, digital assets,” Chief Executive Hugh Marks said in a statement.

Catalano and Thorney Investment were not immediately available for comment.

Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by Stephen Coates

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