Nine set to nab CarAdvice

Nine is close to taking a controlling stake in the website, for a price expected to top $30 million.

The car market is the single largest ad category for both TV and digital platforms.

Nine Entertainment is close to securing a multi-million dollar takeover of a car review website that began as a blog just 10 years ago.

The owner of the Nine Network has offered to buy a controlling stake in CarAdvice, and put forward a plan to take complete ownership within three years. The deal is yet to be finalised, and is reportedly worth more than $30 million, though Nine has declined to comment on the price.

CarAdvice was started by car enthusiast Alborz Fallah in 2006, and is now one of Australia’s leading online car reviewers with a team of more than 30 experts, with offices and test garages in Sydney, Melbourne, Brisbane and Perth. Nine’s chief digital and marketing officer Alex Parsons said CarAdvice provided a great opportunity for Nine to tap into the car market, which is the single largest ad category for both TV and digital platforms.

CarAdvice chief executive Andrew Beecher said he was excited about welcoming Nine Entertainment as a majority shareholder.

Nine Entertainment’s digital business owns a range of news and Nine Network websites, as well as comparison website RateCity and pop culture site Pedestrian.tv.

AAP