Nine Network has revealed the executive structure that will be in place after its merger with Fairfax Media, set to be completed on 7 December.
The merger will see Nine take a 51.1% stake in Fairfax and gain a string of Fairfax-owned newspapers as well as the 50% stake in streamer Stan that it does not currently own. It will also gain Fairfax’s 60% stake in real estate listings website Domain.com.
Nine chief executive Hugh Marks revealed the new structure to Nine and Fairfax staff on Monday, according to The Australian Financial Review which first reported the story.
The first to depart the company will be Fairfax CEO Greg Hywood, who makes his official exit this Friday.
In the senior corporate team, Greg Barnes will remain chief financial officer and Alexi Baker will continue as director of strategy and corporate development.
Rachel Launders will be general counsel and company secretary and Vanessa Morley will be director of people and culture.
At Stan, Australia’s leading subscription video on-demand service, Mike Sneesby will continue to lead the platform as CEO and the company’s TV business will continue to be led by Michael Healy, Nine’s director of television.
Michael Stephenson will be chief sales officer, while Lizzie Young will be group director of content strategy.
Publishing, which will include The Sydney Morning Herald, The Age and The Financial Review, as well as Nine digital and events, will be led by Fairfax’s Chris Janz.
The leadership of Domain and Macquarie Media, which are separately listed businesses but will be majority owned by Nine, will remained unchanged, headed by Jason Pellegrino and Adam Lang respectively.
As a result of the merger, 144 roles will be made redundant either because of duplication or because they are unnecessary under the new structure.
The majority of these redundancies will be across media sales and technology divisions.
Shareholders and interested parties still have the opportunity to appeal the Australian federal court’s decision to approve the merger until 7 December.
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17th November 2019