Channel Nine will not be moving from its Sydney and Melbourne bases. They have withdrawn both sites from sale.
The Age reports:
The network is now expected to inject capital to digitise its Artarmon Road, Willoughby, studios in Sydney’s north, and the Bendigo Street, Richmond, studios in Melbourne’s east.
When PBL Media listed the properties for sale at the end of last year, institutional developer demand was buoyant, with the two properties at one time expected to have sold for $200 million.
But sharemarket volatility and a slowdown in the residential market changed the dynamic this year. It has been reported that Charter Hall lowered its price for the Willoughby and Richmond sites to about $165 million.
They just can’t seem to catch a break. What is going on with them? Also, it’s obvious from this latest debacle that since the whole PBL Media creation, Nine is being shaken like a piggy-bank trying to get the money out rather than being used to actually make great television.
Source: The Age