Nine Entertainment agreed on 30 January to buy QMS Media, a digital outdoor advertising company operating in Australia and New Zealand, from Quadrant Private Equity at an enterprise value of A$850m.
Why Nine Entertainment Co. Holdings Limited is buying QMS Media
Nine said the deal would diversify its revenue and let it sell advertisers a cross-platform package spanning streaming, broadcast, publishing and outdoor screens, with digital businesses expected to exceed 60% of group revenue from FY27, up from about 45% in FY25. It noted that outdoor has grown about 9% a year since 2014, lifting its share of Australian advertising from 10% to 18%, and that about 95% of QMS's Australian revenue comes from digital sites.
“Today's announcements mark a critical milestone in our Nine2028 transformation.”
Deal terms and financing
The price is on a cash-free, debt-free basis and is funded from Nine's existing debt facilities and cash reserves. It equates to 6.8 times CY26 EBITDA including synergies, or 6.5 times after about A$32m of cash tax benefits. Nine expects the deal to be low-double-digit percentage EPS accretive in FY26 on a pro forma basis including synergies. Alongside it, Nine is selling its radio stations for A$56m and converting NBN into a WIN Network affiliate, for a net group investment of about A$601m.
Regulatory approvals and timing
Completion was subject to customary conditions and was expected before 30 June 2026. The acquisition completed on 31 March 2026.
Market context
QMS estimates it lifted its share of the Australian outdoor market from about 10% in 2019 to about 15% in 2025, helped by contracts such as the City of Sydney street furniture deal. More than 80% of its Australian contracts by revenue run to at least December 2028.
