Fairfax backs Nine merge
Fairfax shareholders have backed a merger with Nine.
It is the latest step in creating what would be Australia’s largest media company.
Before the vote at Fairfax’s AGM, the company’s board had unanimously agreed to endorse the merger.
The next stage will come on November 27, when a Federal Court decides whether the two companies can join.
The combined business - to be called Nine - will bring together Nine's free-to-air television network, big digital businesses including Domain, Stan and 9Now, and Fairfax's mastheads and Macquarie Media radio assets.
The Australian Competition and Consumer Commission (ACCC) recently chose not to oppose the merger, despite concerns that it would reduce local media coverage and independence.
“While the merger between these two big name media players raised a number of extremely complex issues, and will likely reduce competition, we concluded that the proposed merger was not likely to substantially lessen competition in any market in breach of the Competition and Consumer Act,” ACCC Chair Rod Sims said.