AVCJ

CVC's Nine Entertainment nears IPO

  • Anita Davis
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CVC has named Goldman Sachs, Credit Suisse and UBS as its advisers for the intended public debut of Australian TV network Nine Entertainment, according to Australian reports, in a process that could come by the spring.

Last year, CVC Capital Partners Asia Pacific denied reports that it was looking to launch investee PBL Media, the former name of Nine Entertainment, on the public markets in March 2011, though representatives from the firm told AVCJ that they do not rule out an IPO in the future. Reports suggest that an IPO could bring in A$5 billion ($4.9 billion).


According to Reuters, Nine’s public debut would be the biggest private-equity IPO in Australia since 2009, when TPG floated Myer. PBL owns Nine Network Australia, ACP Magazines, Ticketek, Acer Arena and majority interests in carsales.com, in addition to having a 50% stake in major Australian media provider ninemsn. CVC first invested in PBL in 2006 via a 50/50 joint venture with Consolidated Media Holdings. In late 2007, CVC bought an additional 25% stake in PBL for approximately $A530 million, giving it majority control. Earlier this week, PBL had announced the appointment David Gyngell, former head of Nine Network, as its CEO following Ian Law's resignation.

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