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Reuters
Reuters
Business

Australia's Fairfax shareholders approve Nine buyout

A woman sits at a table inside the Fairfax Media building in Sydney, Australia, February 20, 2018. REUTERS/Daniel Munoz

(Reuters) - Newspaper publisher Fairfax Media Ltd <FXJ.AX> said on Monday it received overwhelming support from its shareholders for the A$2.16 billion ($1.6 billion) buyout from television network Nine Entertainment Co Holdings Ltd <NEC.AX>.

The proposed buyout will be one of the biggest shake-ups in Australian media for decades and, pending court approval, will be implemented on Dec. 7.

Fairfax shares were up 2.4 percent by 2342 GMT while the broader market was 0.5 percent weaker.

A television cameraman films the logo of Nine Entertainment Co Holdings Ltd on display outside their Sydney headquarters in Australia, July 26, 2018. REUTERS/David Gray

(Reporting by Chandini Monnappa in Bengaluru; Editing by Stephen Coates)

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