July 25, 2018 / 10:50 PM / in 24 days

Australia's Nine Entertainment to buy Fairfax Media for $1.6 bln

July 26 (Reuters) - Television broadcaster Nine Entertainment Co Holdings Ltd said on Thursday that it had entered a scheme implementation agreement to acquire newspaper publisher Fairfax Media Ltd for A$2.16 billion ($1.61 billion).

Under the offer, Fairfax shareholders will receive 0.3627 Nine shares and A$0.025 in cash for each Fairfax share, the companies said in a joint announcement.

Nine shareholders will own 51.1 percent of the combined entity, while Fairfax shareholders will own the remaining 48.9 percent.

$1 = 1.3428 Australian dollars Reporting by Ambar Warrick in Bengaluru; Editing by Lisa Shumaker

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