Nine Parts With Sporting Events Amid Restructuring Of Assets
Nine has confirmed it will no longer continue with some of its smaller sporting events as part of the latest restructuring of the former publishing empire’s assets.
The $31 million sale to endurance sports company, The IRONMAN Group, include events like The Sun-Herald City2Surf presented by Westpac, The Sydney Morning Herald Half Marathon, Carman’s Women’s Fun Run, Melbourne Corporate Triathlon and Spring Cycle.
The IRONMAN group already operates a global portfolio of events in Australia such as the Blue Mountains ultra trail race and Noosa’s Runaway marathon.
It is expected that around half of the employees within Nine’s division will move with the sale, but, Nine’s publications will still continue to have an ongoing relationship with their respective events as naming partners.
“The Fairfax Media Events team are outstanding and have a reputation for delivering world-class events,” managing director for The Ironman Group in Oceania, Dave Beeche said.
Sydney and Melbourne are considered two of the world’s greatest cities and with the addition of these events, we now have a major presence in each with staff expertise that will allow for us to be forward thinking as we evolve and develop.”
“We look forward to integrating those involved with the events into our business as we continue to ensure our global community receives the life-changing race experiences that they have come to know and expect from us.”
Alex Parsons, acting managing director of Nine’s Events and Entertainment division, said: “Today’s announcement sees iconic events like The Sun-Herald City2Surf and The Sydney Morning Herald Half Marathon bought by an owner who is well placed to maximise the value of the business and help it grow into the future.
Nine also confirmed it would no longer continue with some of its smaller sporting events, and also exit the parenting vertical.