(Reuters) – Australian television network Nine Entertainment Co Holdings on Tuesday said it would sell its Australian Community Media and Printing business to a company associated with ex-Domain Holdings CEO Antony Catalano and Thorney Investment Group.
The sale would generate cash proceeds of A$115 million ($81.1 million), which would primarily be used to reduce debt, Nine said.
“The sale of ACM is aligned with our strategy to exit non-core businesses and to focus on Nine’s portfolio of high-growth, digital assets,” Chief Executive Hugh Marks said in a statement.
Catalano and Thorney Investment were not immediately available for comment.
Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by Stephen Coates