Now, following last year’s changes to media control and diversity rules, Nine and Fairfax Media have “merged”. It seems more like a takeover, with 51.1 per cent of equity to be held by Nine. The CEO, Hugh Marks and chair of the board, another former Treasurer, in this case Liberal Peter Costello, will come from Nine. The new company will be known as NEC (Nine Entertainment Co.).
If shareholders and the Australian Competition and Consumer Commission approve the transaction, the Fairfax name will be gone from the Australian media.
Two companies, with very different histories and cultures, will be forced to work together in the never-ending search for efficencies and revenue in a brutal landscape for newspapers, magazines and television.
Frank and Kerry Packer (whose 1990s attempt to gain control of John Fairfax & Sons was stymied) are no doubt dancing a jig in heaven (or in hell), as the television company they founded is on the cusp of gaining control of the press assets they envied. Rupert Murdoch remains Australia’s last media titan.