This year has already been eventful for Nine Entertainment Co Holdings Ltd [ASX:NEC].
Their shares have been either hit or miss, but recently they have shown signs of growth, as its overall share value has grown by 4.09%.
The company has many fresh ventures in the works, including a new partnership with Tennis Australia.
Nine wishes to further create value for their shareholders in the future.
What is going on with their contracts
Nine is excited about their new partnership with Tennis Australia.
This partnership will help further enable Nine to evolve their business model, while increasing its portfolio of featured shows across its broadcast.
Nine believes that a partnership built on common values will help connect the Network to more audiences down the track.
They want to continue to expand their platform on a new basis, by crossing their network with different streaming varieties, in order to further enable new audiences to view their programs.
Despite losing the cricket to rival broadcasters, Nine still has a positive outlook towards future ventures.
Cricket CEO James Sutherland thanks Nine for their 40 years of international cricket broadcasts around the world. He believes Nine has vastly helped promote the sport in the long run.
Nine has since paid $300 million for the rights to the Tennis, which will allow them to extend their partnership from 2020 to 2024.
They have also acquired all audio-visual rights for the venture. This includes all streaming, digital, mobile and social platforms. This will allow the company to sell some of the rights to offset the overall cost of the deal.
Nine’s finance reported that a Nine spokesperson stated:
‘Most of all Nine is excited by our new partnership with Tennis Australia. A partnership that enables us to further evolve our business model into a new future. A partnership built on common values and vision to mutually build the game and Nine’s business as we connect with more audiences the way they choose.’
Nine believes their cross-platforming opportunities will further spark interest for new shareholders overtime.
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