WIN Group Lifts Nine Entertainment Stake to 26.30%

WIN Group, the Australian media company controlled by Bruce Gordon through Birketu Pty Ltd, raised its aggregate economic interest in Nine Entertainment (ASX: NEC) from 25.22% to 26.30% on March 29 and 30, 2026, continuing a pattern of deliberate stake accumulation that began at 14.12% less than 12 months ago.

WIN's Four-Stage Stake Escalation in Nine Entertainment

WIN Group's position in Nine Entertainment has grown across four distinct stages. The voting interest stood at 14.12% before May 2025. It then rose to 19.98%, representing 316.8 million shares, on May 13, 2025. A further increase brought the stake to 22.98% on February 26, 2026. The most recent move pushed the aggregate economic interest to 26.30% by March 29 and 30, 2026.

The accumulation coincides with Nine's Nine2028 transformation strategy, announced in June 2025. That strategy targets digital revenue exceeding 60% of total revenue by FY27, up from 45% in FY25. Nine CEO Matt Stanton described the company's recent transactions as "a critical milestone in our Nine2028 transformation."

WIN's stake increase also occurred during a period of elevated leverage. Nine's debt-to-earnings ratio temporarily rose to 1.8x following its A$850 million acquisition of QMS Media, the centerpiece of its digital outdoor advertising expansion. Nine projects pro forma EBITDA of A$113 million for CY26 from QMS at a 5.3x multiple, with approximately A$20 million in annual cost savings from integration.

WIN's Dual Role: Shareholder and Transaction Counterparty

WIN's relationship with Nine extends beyond equity ownership. In a separate transaction valued at A$15 million, Nine transferred the NBN regional TV station to affiliate status under the WIN Network. WIN also acquired Nine News Darwin for A$500,000 in February 2026, including staff transfer under a five-year affiliate agreement.

These deals reflect a broader portfolio shift at Nine. The company simultaneously sold its radio assets for A$56 million, shedding linear broadcasting properties while acquiring digital outdoor scale through QMS. WIN gained regional broadcasting infrastructure through the same transactions that freed Nine's balance sheet for the QMS deal.

WIN's appointment of executive Chris Halios-Lewis to Nine's board formalized the operational relationship, moving WIN from a financial stakeholder to an active governance participant.

Nine's Institutional Shareholder Base and Financial Outlook

Nine Entertainment's top five institutional holders represent a concentrated ownership structure. Birketu/WIN holds 26.30%, followed by Perpetual Investment Management at up to 10.01%, Australian Retirement Trust at up to 6.04%, Macquarie Bank/Group at 5.54% to 5.58%, and Pinnacle Investment Management at approximately 5.007%.

Nine's market capitalization reached A$2.65 billion to A$2.76 billion by July and August 2025, a 20.56% year-over-year increase. Management targets a return to a leverage ratio of 1.0x to 1.5x by the end of FY27, supported by approximately A$178 million in net tax loss benefits. Stanton stated that "Nine's strategy positions the company as a more efficient, higher-growth, and digitally powered entity to deliver long-term sustainable value to our shareholders."

Nine's dividend payout ratio remains at 60% to 80%, though FY26 and FY27 dividends will be unfranked due to tax losses from the transaction portfolio.