Nine Entertainment Co Holdings [ASX:NEC] joined forced with Sky News to create the country’s first commercial business channel.
The channel will be free to air while running on a 24-hour schedule.
With Nines shares growing by 2.93% today, it continues to implement the necessary steps to ensure its shares are travelling in the right direction.
Since February, the media company has gone through a massive increase. Its share price was valued at $1.57, and five months down the track it has increased to $2.46.
Nine are making sure they keep up with the growing digital format
The new show will primarily feature operations based in Sydney, while also being aired on Foxtel.
A name has yet to be selected for the channel.
The purpose behind the deal is an increased amount of exposure to Nine and Sky to many households.
This will allow the media companies to compete with steaming platforms such as Netflix, Stan and Hulu.
Sky and Nine Entertainment have been working along side each other prior to this deal.
The Sydney Morning Herald stated:
‘This comes a week after Australian News Channel, which owns Sky News and its sister channel Sky News Business, signed a consent agreement with WIN Network to broadcast Sky News content across its regional free-to-air TV network. This includes news, sport, weather and public affairs, with some live and time-shifted content.’
By partnering up with Sky News, both channels have greater potential to reach an audience of more than eight million viewers.
The agreement has been described as ‘historic’ for the company, allowing more Australians to watch Sky News and Nine channels in a more diverse manner.
New staff will be hired to help operate the new channel as well as existing teams, which worked across different news segments.
Business focused TV shows will also be featured on the channel.
The joint venture will consist of premium advertising and new segments in the financial category, which will contribute to bringing in more subscriptions.
For Money Morning
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