Win Group Lifts Nine Entertainment Stake to 26.3% via ASX Filing

Win Group has increased its economic interest in Nine Entertainment from 25.22% to 26.30%, according to a disclosure filed on the Australian Securities Exchange around March 29-30, 2026.

Win Converts Swaps and Builds New Positions

The increase was achieved through two separate moves. Win converted an existing swap arrangement into 47.5 million direct shares, then built approximately 17.1 million additional shares in new cash swap contracts.

Despite the rise in economic interest, Win's voting power remained at 22.98%. The converted swaps had already been factored into prior voting power calculations, creating a structural gap between economic exposure and formal voting control.

Nine's share price rose 2.78% on the day of the announcement. The gain was large enough to lift the Unmade Index by 0.72%, closing at 358.9. Other media stocks showed mixed results, with Southern Cross falling 3.64% and Ooh Media dropping 1.68%, while News Corp gained 0.87%.

A Multi-Year Climb Up Nine's Share Register

Win's accumulation of Nine shares has been a steady, multi-year effort. Voting power stood at 14.12% at an earlier baseline, rose to 19.98% by May 2025, and reached 22.98% by February 2026. Economic interest has now reached 26.30%.

Andrew Lancaster, CEO of Birketu Pty Ltd, the Win-linked entity holding Nine shares, was elected to Nine's board at the November 2024 AGM with 92% shareholder approval. That board seat confirmed Win's economic accumulation has translated into formal governance influence.

Win's use of derivative instruments (swap contracts) alongside direct share conversions allows the group to build economic exposure without immediately crossing voting power thresholds that would trigger a mandatory takeover bid under Australian law.

Nine's Financial Transformation Provides the Backdrop

Nine's balance sheet has changed significantly over the past year. The company sold its 60% stake in Domain in August 2025 for approximately A$1.4 billion net proceeds, paid a A$0.49 special dividend in September 2025, and held net cash of A$158 million by December 2025. Nine also sold Nine Radio and affiliate TV stations for approximately A$234 million net.

Nine's H1 FY26 results, covering the six months ended December 31, 2025, showed Group EBITDA up 6% to A$201 million and underlying net profit after tax up 30% to A$95 million. Revenue from continuing operations fell 5% to A$1.06 billion, reflecting a structural shift away from linear TV advertising. Stan, Nine's streaming platform, delivered EBITDA growth of 24% during the same period.

Nine is targeting digital revenue of 60% of total revenue by FY27, supported by A$150 million in AI-driven efficiency savings. The company's "Nine2028" strategy aims to converge its streaming and broadcasting operations.

Share Price Discount May Be Driving Win's Confidence

Nine's share price was trading at approximately A$1.02 in early 2026, down 35% over the prior 12 months. The ASX 200 gained 9% over the same period. Morningstar's fair value estimate for Nine sits at A$1.45, approximately 30.1% above the market price at the time of Win's latest disclosure.

With institutional investors collectively holding 33.39% of Nine as of July 2025, Win's climb to 26.30% economic interest has narrowed the gap between the largest individual strategic holder and the combined institutional block.

No statements from Win Group or Nine Entertainment representatives were available regarding the specific transaction at the time of publication.