Regional TV broadcaster WIN Corp has narrowly avoided being cut off the air at midnight after last-ditch talks with Nine Entertainment secured a new six-month licensing deal.
The broadcasters were in negotiations on changing the amount of advertising revenue distributed between them, and Nine will now receive “additional payments” until June 30 next year as part of the agreement.
WIN had previously received most of Nine Entertainment’s content, including live cricket matches, in exchange for 39 per cent of its advertising revenue.
But Nine had argued that it carried too much of the risk and demanded a larger 49 per cent share of WIN’s ad revenues, Fairfax Media said on Thursday.
Nine had warned it would cut off its broadcast feeds at 12.01am on New Year’s Day if a deal was not done by then.
But the two companies have now agreed to work together on a range of opportunities relating to their content and to the mutual growth of their respective businesses.
“Broadcast television is evolving, but the role of the affiliate and its relationship with the local community remains important,” Nine Entertainment chief executive Hugh Marks said in a statement.
“This extended deal with WIN ensures Nine’s premium content continues to be available to all Australians for free, 24 hours a day.”