Nine 'was headed for certain demise' THE billionaire founder of one of Nine Entertainment's US hedge fund owners has broken his silence about owning the media company, delivering an impassioned riposte to criticism from media tycoon Kerry Stokes. In a letter to The Australian, chairman of Apollo Global Management Leon Black said Nine was "headed for certain demise" in October when his US debt firm and Oaktree Capital agreed to a debt for equity swap when the company was owned by CVC Asia Pacific and on the brink of administration owing billions in borrowed debt.