Law360, New York (January 29, 2013, 3:54 PM ET) -- A pair of U.S. private equity firms on Tuesday won control of top Australian television network Nine Entertainment Group Pty. Ltd. after a judge approved a reorganization plan that swapped the troubled network’s debt for equity.
The deal, which passes off the broadcaster’s ownership to Apollo Global Management LLC and Oaktree Capital Management, was designed last fall to save the struggling broadcaster from default. After the transaction, Nine will have wiped away its debt load.
In the transaction, New York-headquartered Apollo and Los Angeles’ Oaktree will...
Judge OKs $3B Deal Handing Aussie TV Co. To 2 PE Firms
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