Nine and Fairfax have announced they will merge to become Australia's biggest integrated media company, called "Nine". It is the first merger under media reforms passed last year which removed restrictions on how many media voices one company could own in a single market.
Under the deal, Nine will acquire Fairfax's shares, Nine's CEO Hugh Marks will remain CEO and Nine chair Peter Costello will be chair. Three current Fairfax directors will be invited to join the new Nine board -- Nine will have four votes to Fairfax's three. Nine shareholders will own 51.1% of the new business, and Fairfax shareholders will own the remaining 48.9%.