Nine Buys Fairfax in $1.6 Billion Shake-Up of Australian Media

The logo for Channel Nine adorns the side of their building in Melbourne on July 26, 2018. Publisher Fairfax Media and Nine Entertainment announced plans to merge July 26, creating an integrated Australian media giant across television, online video streaming, print, and digital. William West/AFP/Getty Images

Newspaper publisher Fairfax Media Ltd has agreed to a A$2.16 billion ($1.6 billion) buyout from television network Nine Entertainment Co Holdings Ltd, in one of the biggest shake-ups in Australian media for decades.