Nine Entertainment, which is owned by two US hedge funds, announced that they are set to raise approximately AUD1.2 billion or US$1.1 billion in an initial public offering to be launched by the end of the year.

Unidentified sources said that the Australian national television broadcaster said that they are hoping to raise between ASU800 million to AUD1.2 billion in a public to be posted on the Australian Stock Exchange that is set to take place November or December of this year.  Apollo Global Management and Oaktree Capital took in a 95.5% stake claim in Nine Entertainment last January under a US$3.6 billion recapitalization scheme. The purchase was to save the Australian broadcaster from descending into receivership in order to repay the company's outstanding debt. CVC Capital, a private equity firm, retained just 1% of the Nine Entertainment, making the private equity firm lose all of it's nearly AUD1.8 billion investment.

Nine Entertainment said that bankers who will handle deal have not yet been appointed, but sources are saying that the offering will likely be handled by investment banks Macquarie and UBS.