Nine has sold five major sports events that were part of the former Fairfax events and entertainment business to Ironman for $31 million.
The sale is part of the latest restructure of the former publishing empire’s assets.
The Sun-Herald City2Surf, The Sydney Morning Herald Half Marathon, Carman’s Women’s Fun Run, Spring Cycle and the Melbourne Corporate Triathlon will now join Ironman’s global portfolio of events, which also includes the Blue Mountains ultra trail race and Noosa’s Runaway marathon.
Dave Beeche, managing director for The Ironman Group in Oceania, said the Fairfax Media events team have a reputation for delivering world-class events.
“Sydney and Melbourne are considered two of the world’s greatest cities and with the addition of these events, we now have a major presence in each with staff expertise that will allow for us to be forward thinking as we evolve and develop,” he said.
“We look forward to integrating those involved with the events into our business as we continue to ensure our global community receives the life-changing race experiences that they have come to know and expect from us.”
The shake-up will also see Nine ditch some of its smaller sporting events and also close the group’s parenting shows. The Night Noodle Markets, Good Food Month, The Australian Financial Review Business Summit and Women of Influence Awards will now move into the media group’s publishing arm.
Alex Parsons, acting managing director of Nine’s Events and Entertainment division, said Ironman are well placed to help the events grow in the future.
“The decision to put food and business within publishing helps to ensure popular events like Good Food Month and The Australian Financial Review Business Summit continue to be well placed to leverage the power of their associated editorial brands,” he said.