Nine Entertainment has finalised a deal to acquire the automotive news website CarAdvice.
The media company, operator of the Nine television network, has taken a majority stake in the business with an equity injection of cash and advertising contra across Nine’s assets.
Nine has reportedly paid about $35 million for the majority stake in CarAdvice, but CarAdvice did not disclose terms of the deal.
CarAdvice chief executive and managing director, Andrew Beecher, says the deal will help the automotive publisher extend its audience significantly through the Nine network while also allowing Nine to “expand into one of the strongest online verticals in Australian automotive publishing”.
{loadposition peter}“Nine has a track record in successfully managing the integration of strong, popular brands such as Pedestrian.TV, while also allowing them to maintain their own culture and unique value proposition,” Beecher said.
“CarAdvice is a publisher that was created with a passion and determination to provide independent and trusted insights into new cars. It is this focus that has helped us evolve to be the premier destination for consumers wanting news and information in the automotive space.
“Today’s announcement is the launch pad for our next stage of growth as we look to extend our audience through Nine’s multi-platform properties across television and digital.”
The offer to CarAdvice shareholders also incorporates a path to 100% ownership by Nine within three years.
Alex Parsons, Nine’s chief digital officer, said: “No one is quite as passionate and knowledgeable about cars and automotive audiences as CarAdvice.
“It is fiercely committed to its audiences and to providing expert analysis and commentary. This has helped to make it the leading publisher of online automotive editorial content in Australia. We welcome CarAdvice to the Nine family and look forward to helping it grow further.”