Australia's Nine Entertainment engaged with CoStar over possible revised bid for Domain

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Australia's Nine Entertainment engaged with CoStar over possible revised bid for Domain

, Reuters - 6:23 PM ET 3/20/2025 default

March 21 (Reuters) - Australian media firm Nine Entertainment ( NNMTF ) said on Friday it was in talks with property data group CoStar ( CSGP ) over a revised offer by the U.S. company for the former's majority-owned real estate classifieds firm Domain.

CoStar ( CSGP ) had, in February, offered to buy out Domain in a deal valuing the company at A$2.65 billion ($1.67 billion).

Nine owns around a 60% stake in Domain.

Domain, in a statement on Friday, confirmed to the market that it had not received a revised bid from CoStar ( CSGP ) since the original offer landed. The company did not immediately respond to a request for comment on whether it is in talks with CoStar ( CSGP ) over a revised proposal.

Domain further confirmed that it continues to assess the original bid from CoStar ( CSGP ).

Nine, while addressing a media report by the Australian Financial Review (AFR) on Friday, said it was in talks with CoStar ( CSGP ) over the original bid and also remains engaged with Domain.

"Discussions remain confidential and incomplete (including as to the price at which CoStar ( CSGP ) might make a revised proposal)," Nine said in an ASX filing.

The AFR reported on Thursday that Nine Entertainment ( NNMTF ) had begun negotiations to sell its controlling stake in Domain to CoStar ( CSGP ), with both sides debating a price.

Last month, CoStar ( CSGP ) picked up Domain shares on the market, acquiring a 16.9% stake before making a cash offer of A$4.20 per share for the remainder of Australia's second-largest property listings platform.

Shares in Domain have gained around 39% since they began trading on February 21, while Nine has added over 10%. Domain closed trading on Thursday at A$4.34, higher than the A$4.20 bid by CoStar ( CSGP ).

Nine flagged that there was no certainty as to the talks leading to a revised proposal from CoStar ( CSGP ).

CoStar ( CSGP ) did not immediately respond to a Reuters request for comment. ($1 = 1.5873 Australian dollars) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Mohammed Safi Shamsi)

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