News: FXJ Australia's Nine Entertainment to buy Fairfax Media for $1.6 bln

July 26 (Reuters) - Television broadcaster Nine Entertainment Co Holdings Ltd (NEC) said on Thursday that it had entered a scheme implementation agreement to acquire newspaper publisher Fairfax Media Ltd (FXJ) for A$2.16 billion ($1.61 billion).

Under the offer, Fairfax shareholders will receive 0.3627 Nine shares and A$0.025 in cash for each Fairfax share, the companies said in a joint announcement.

Nine shareholders will own 51.1 percent of the combined entity, while Fairfax shareholders will own the remaining 48.9 percent.

($1 = 1.3428 Australian dollars)