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Australia’s Nine reaches debt deal, owner CVC loses $1.8 billion

Reuters – Lenders of Nine Entertainment television network, owned by CVC Capital Partners Ltd, agreed to swap more than $3 billion in debt for equity, giving U.S. hedge funds control of one of Australia’s best-known media firms.

The deal will wipe out CVC’s A$1.8 billion ($1.85 billion) equity investment in Nine, marking the largest-ever loss on a single private-equity deal in Asia, and one of the biggest globally.

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