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Hedge funds OK Nine Entertainment’s $550m cricket broadcasting right bid

Monday, June 03, 2013

From Precy Dumlao, Opalesque Asia – Hedge funds Apollo Management and Oaktree Capital, owners of Australia’s Nine Entertainment, with the backing of the network’s board of directors, have thrown their support to executive David Gyngell who wanted to match rival Ten Network Holdings' $550m bid to get cricket broadcasting rights from Nine.

In a report by Business Spectator, it was gathered that Apollo and Oaktree met with Nine’s other board members on Sunday and also Gyngell to push for the acquisition of WIN Corp’s station in Adelaide as well as the Perth station.

For 32 years, Nine Entertainment has the exclusive broadcasting rights for all international cricket game and hope that a new deal would give the firm another five years of exclusive rights.

Gyngell and his team are in an intense negotiations with WIN Corp owner Bruce Gordon with the aim of finalizing an agreement.

Last week, executives of Apollo and Oaktree flew to Sydney, Australia to meet with Nine officials and later with Gordon for the cricket broadcasting rights deal.

According to The Australian, Nine’s move on Gordon’s two stations, which are operated by his private regional broadcaster WIN Corp, an......................

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