Nine looks to acquire CarAdvice with offer to shareholders

Miranda Ward

September 2, 2016 12:17

Nine is looking to acquire a majority stake in CarAdvice after making an offer to shareholders to purchase a portion of its holdings in the company.

Coupled with a minor equity injection, Nine Entertainment Co., intends to hold a majority stake in CarAdvice with a path for NEC to have 100% ownership within three years.

Alex Parsons, chief digital and marketing officer of NEC, said in a statement: “CarAdvice creates an exciting opportunity for Nine to deepen its exposure to the automotive category. Automotive is the single largest ad category for both TV and digital, with ongoing migration online.

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Miranda Ward

Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.