Nine Entertainment (ASX:NEC) reached an agreement with Quadrant Private Equity to acquire 100% of the issued capital of QMS Media for AU$850 million, on a cash and debt-free enterprise value basis, according to a Friday Australian bourse filing.

Nine also finalized an agreement to sell Nine's broadcast radio assets, 2GB, 3AW, 4BC, 6PR, 2UE, Magic1278, and 4BH, to the Laundy Family Office on a cash and debt-free enterprise value of AU$56 million.

Laundy is expected to remain a long-term partner of Nine, with plans to bring Nine News journalists on radio, promote Stan Sport through Laundy venues, provide promotion and advertising sales collaboration, as well as increased advertising spend by Laundy on Nine properties.

Both deals are subject to customary conditions and are expected to be completed before June 30.

Nine finalized an agreement to convert NBN Television from a wholly-owned business to an affiliate, to be owned and operated by WIN Network. Nine will receive AU$14.8 million in cash consideration from WIN Network.

NBN will continue to broadcast Nine's signal in the northern New South Wales license area, under an affiliate agreement for a term of at least five years, on similar terms to Nine's existing regional affiliation agreement with WIN Network. The completion of this transaction is subject to Nine shareholders' approval and other customary conditions, including clearance from the Australian Competition and Consumer Commission.

Its shares rose nearly 3% in early trading on Friday.