Nine Entertainment to launch IPO

<p>A share sale is being planned by Nine Entertainment.</p>

Nine Entertainment has announced plans to launch an initial public offering (IPO) next month.

The company, which runs the Nine television network in Australia, will join the country's main stock exchange next month.

It announced in a statement that 125 million new shares are to be sold at between A$2.05 (£1.22) and A$2.35.

David Gyngell, chief executive of the firm, said in a statement that the IPO will provide new shareholders of the company "with exposure to our leading integrated portfolio of complementary media businesses".

He added that the share sale will "continue our strong momentum and consolidate our position as a leading free-to-air TV network in Australia".

As well as the television network, Nine owns a ticket company and a major indoor music venue.

The ASX ended today's session down 0.41 per cent after dropping 22.3 points during trading. It closed at 5384.20, some way lower its 52-week high of 5437.30.

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