Investment Banks More Interested In An IPO Than Channel Nine Is: Gyngell

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Nine boss David Gyngell has told Darren Davidson at The Australian that investment banks are more interested in an imminent float of the company than the station itself.

“Banks around town are more interested in the float and hot on the timing than Nine Entertainment Co is,”
Gyngell told The Australian.

There had been speculation that the company was considering a IPO by the end of the year. Gyngell said though the company wasn’t interested in floating while the advertising market is flat.

According to The Australian, six investment banks have made a pitch for their services to Nine.

It is more likely that Nine will float in in the next 18 months, or by the middle of next year. This was revealed in Federal Court documents, when the hedge funds that own Nine said that under the company’s new constitution, it should use “commercially reasonable efforts” to float within its stated timetable.

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