Nine sells Weatherzone to US-based insights company DTN
Nine is selling weather information provider, Weatherzone – which it inherited as part of the Fairfax takeover – to DTN, a US-based insights, analysis and decision-support solutions firm.
Nine CEO Hugh Marks said it was a “mutually beneficial deal” which saw it lose a “non-core business”.
Nine inherited Weatherzone through its merger with Fairfax Media
“We are pleased to have successfully completed a deal with DTN for the sale of Nine’s 75% holding in Weatherzone,” Marks said.
“This is a mutually beneficial deal which sees us exiting a non-core business in order to focus on Nine’s portfolio of high-growth, digital, consumer-facing assets. For the team at Weatherzone it aligns them with a leader in the insights space and allows them to continue to grow and expand their business.”
Nine inherited Weatherzone, which provides commercial meteorological services to the aviation, mining and transportation industries, following its merger with Fairfax.
The announcement comes after Nine merged its platforms Car Advice and Drive in May, and sold its regional newspaper arm ACM to Antony Catalano in April for $115m.
According to Nine, the price of the sale of Weatherzone will remain confidential.
Steve Matthesen, DTN CEO, said that the team was excited to bring Weatherzone’s capabilities into the business.
“Today we are excited to bring Weatherzone to DTN and expand our business in Australia.
“Weatherzone has a great team dedicated to serving consumers and clients with the best weather information and insights available. We look forward to working together, leveraging global technology to continue driving success for our customers,” Matthesen said.
Nine is also currently in the process of taking over Macquarie Media, which owns Sydney and Melbourne’s 2GB and 3AW, which command the highest audience shares. Following the Fairfax merger, Nine became a majority stakeholder with a 54.4% share.
In September, Macquarie Media recommended the $1.46 per share off-market takeover bid to its shareholders.
