Speculation is mounting inside Nine Entertainment that the media giant, fresh from selling its lucrative Domain stake, has approached Illyria Holdings, the owner of Nova Entertainment, with a view to acquiring the music network.

According to Nine industry insiders, Nine is exploring a strategic shift that could see it exit the talk radio sector—which includes flagship stations 2GB (Sydney), 3AW (Melbourne), 4BC (Brisbane) and 6PR (Perth)—to focus instead on music and easy-listening formats.

While Nova owner Lachlan Murdoch has repeatedly insisted the network is not for sale, sources claim a meeting scheduled for today will see Murdoch and Illyria’s board discuss Nine’s interest.

The move follows Nine’s August 2025 sale of its 60% stake in Domain to U.S. property group CoStar for roughly $1.4 billion, valuing Domain at $2.8 billion. Proceeds from the deal are reportedly being used to pay down debt and accelerate investment in digital and AI initiatives.

Industry observers say Nine’s potential acquisition of Nova could mark a major repositioning of its audio business, aligning it more closely with lifestyle and entertainment audiences rather than talkback.

Nova Entertainment—originally founded as DMG Radio Australia in 1996—was acquired by the Murdoch family’s private company, Illyria Holdings, after Rupert Murdoch bought the operation from the Daily Mail Group, which later exited Australian radio. The network was rebranded as Nova Entertainment in 2014, with its national stations including Nova 96.9 (Sydney), Nova 100 (Melbourne), Nova 106.9 (Brisbane), Nova 919 (Adelaide), and Nova 93.7 (Perth).

Following a restructure of the Murdoch family’s holdings earlier this year, Lachlan Murdoch secured full control of the family’s global media empire, with other Murdoch heirs receiving US$1.1 billion each for their shares. A new family trust now grants Lachlan sole voting power over News Corp until 2050.

Despite repeated speculation, Murdoch has been firm in denying any intention to sell Nova. In an internal email obtained by The Australian, he reportedly wrote:

“A small number of you may have read in the Financial Review this morning that I am selling Nova Entertainment Group. As with much in that paper, nothing could be further from the truth.”

“I have no intention to sell Nova Entertainment. It irks me somewhat when Fairfax’s agenda affects all of you, my Nova colleagues.”

Earlier reports in the Australian Financial Review and Sydney Morning Herald suggested Murdoch was seeking around $400 million for Nova—claims he has publicly dismissed.

If Nine does proceed, the deal would represent one of the most significant realignments in Australia’s commercial radio landscape in over a decade, potentially reshaping both the talkback and music broadcasting sectors.