News

Atlassian co-founder Mike Cannon-Brookes splashes $14.5 million on NSW Southern Highlands farm — the latest in his 12-month $143 million property spending spree

Mike Cannon-Brookes, one of Australia’s richest people, has bought a $14.5 million in an area described as “the Point Piper of the [New South Wales] Southern Highlands”. It’s the third purchase Cannon-Brookes has made in the region, and part of a $143 million property splurge in the last 12-months. The […]
Atlassian co-founder Mike Cannon-Brookes splashes $14.5 million on NSW Southern Highlands farm — the latest in his 12-month $143 million property spending spree
Markets

The Federal Court approves Nine Entertainment Co takeover of Fairfax Media

The Federal Court has approved Nine Entertainment Co’s takeover of Fairfax Media, despite opposition from former Domain boss Antony Catalano and Aurora Funds Management. At a hearing on Tuesday morning, shareholders were given an opportunity to oppose the scheme of arrangement to join the two media companies, which saw Mr […]
The Federal Court approves Nine Entertainment Co takeover of Fairfax Media
Markets

Fairfax shareholders approve Nine merger

Fairfax Media shareholders have overwhelmingly voted in favour of a merger with Nine Entertainment, approving a deal to create Australia’s largest media company. As Nine chief executive Hugh Marks, who will lead the new company, sat at the back of the scheme meeting on Monday, Fairfax investors voted 81.49 per […]
Fairfax shareholders approve Nine merger
News

The Nine-Fairfax merger has been given the all-clear by the competition watchdog

The planned merger of TV and print media businesses Nine Entertainment and Fairfax Media has the backing of the Australian Competition and Consumer Commission (ACCC). Chair Rod Sims said the merger raised numerous “extremely complex issues, and will likely reduce competition” but in the end his organisation concluded that it […]
The Nine-Fairfax merger has been given the all-clear by the competition watchdog
Markets

Fairfax posts a loss for its farewell results announcement

Fairfax Media’s full year revenue was down 3.1% to $1.688 billion. Net loss after tax of $63.8 million, compared with a net profit of $83.9 million. Significant items after tax of $188.7 million. Fairfax Media, in its last results announcement before merging with Nine, slipped into a full year loss […]
Fairfax posts a loss for its farewell results announcement
Markets

Here’s what a merged Nine and Fairfax will look like

The merged Nine and Fairfax will be a combination of the second-largest largest newspaper publisher in Australia with the second-largest free-to-air television broadcaster. The new company, to be called Nine, is expected to have almost $2 billion in revenue, making it the second-largest media organisation in Australia, behind News Corp. […]
Here’s what a merged Nine and Fairfax will look like
Markets

Shares in Fairfax jump following the Nine merger announcement

Shares in Fairfax rose by more than 10% in morning trade following this morning’s merger announcement with Nine Entertainment. A short time ago, shares in the media group were up by almost 12%, after coming out of an early trading halt while executives from both companies held a conference call. […]
Shares in Fairfax jump following the Nine merger announcement
Markets

Nine and Fairfax say quality news is in their DNA

Quality news is part of the DNA of both newspaper group Fairfax Media and television network Nine, according to the CEOs of the merging media businesses. Fairfax, faced with growing digital media and declining newspaper print revenue, transformed itself to be best of the breed over the last eight years, […]
Nine and Fairfax say quality news is in their DNA
Markets

Fairfax and Nine are merging

Fairfax Media and Nine Entertainment are merging to create Australia’s largest integrated media player. Hugh Marks, Nine’s CEO, will run the new combined business. Nine shareholders with end up with 51.1% of the company. Television network Nine and newspaper group Fairfax Media are merging. The $4.2 billion combined business will […]
Fairfax and Nine are merging
Markets

Fairfax and News have done a deal to use each other’s printing networks

Fairfax Media and News Corp Australia announces a deal to use each other’s printing networks. This will cut newspaper printing overheads for both publishers. Fairfax says it will mean a full year benefit of $15 million. Australia’s two biggest newspaper publishers, Fairfax Media and News Corp Australia, have agreed to […]
Fairfax and News have done a deal to use each other’s printing networks
Markets

Domain has posted a loss for its first stand alone result

Domain posted a loss of $3.4 million for the half year December as the online classified business looks for a new CEO. Revenue increased 12.5% to $183.3 million. Ex significant items, underlying net profit after tax was down 8.1% to $24.7 million. At the close, Domain shares were up 4.5% […]
Domain has posted a loss for its first stand alone result
Markets

Domain shares are being hammered

Share in Domain fell hard after the CEO of the real estate classified group stepped down. At the close, they were down 17.17% to $2.75. Antony Catalano resigned for personal reasons. Fairfax Media listed Domain on the ASX just two months ago, valuing the business at $2.2 billion. Fairfax Media […]
Domain shares are being hammered
Markets

Domain’s Antony Catalano is out

Antony Catalano, the head of property classifieds businesses Domain has resigned for personal reasons. Fairfax Media listed Domain on the ASX just two months ago, valuing the business at $2.2 billion. Its shares last traded at $3.32. “I understand and regret that the timing of this decision is unusually short […]
Domain’s Antony Catalano is out
Markets

Fairfax shares drop but Domain is worth more than $2 billion

Domain Holdings, Fairfax Media’s float of its online property classified business, was admitted to the official List of ASX today. And Fairfax Media shares dropped by 31% to $0.73. But Domain’s shares closed at $3.69, ahead of most estimates of fair value. The 574,870,366 shares in Domain opened for trading […]
Fairfax shares drop but Domain is worth more than $2 billion
Markets

Fairfax shareholders have approved the float of Domain

The separate ASX listing of Domain has been approved by Fairfax Media shareholders as a way of extracting full value from the online property classified business. The new company, with current Fairfax shareholders getting one Domain share for every ten Fairfax shares they hold, is expected to start trading on […]
Fairfax shareholders have approved the float of Domain
Markets

Fairfax shares rise as the company says its back in the black

Fairfax Media has reported a net profit of $83.9 million for the 2017 financial year. It’s a turnaround from last year’s $772.6 million loss, when Fairfax wrote down the value of its newspaper mastheads by $989 million. The market reacted positively to the result and a short time ago Fairfax […]
Fairfax shares rise as the company says its back in the black
Markets

Fairfax Media shares slide

Shares in Fairfax dropped hard after two private equity groups failed to firm their bids for the Australia media group. A short time ago, the shares were down more than 11% to $0.975. Fairfax Media today announced it had stopped talks with both the TPG Consortium and Hellman & Friedman […]
Fairfax Media shares slide
Markets

Private equity giant TPG drops its bid for Fairfax

TPG has dropped its bid for Fairfax Media. Company chairman Nick Falloon received a letter from TPG on Sunday informing him the private equity giant would not submit a binding bid for Fairfax, according to a report in The Australian Financial Review. TPG made an indicative offer of $1.20 a […]
Private equity giant TPG drops its bid for Fairfax
Markets

Shares in retirement village operator Aveo are tanking

Shares in retirement accommodation group Aveo fell hard following publication of a joint ABC Four Corners and Fairfax Media investigation. A short time ago, the shares, were down 7.5% to $2.82. The Fairfax Media report says retirement villages such as Aveo collect an exit fee when a resident dies or […]
Shares in retirement village operator Aveo are tanking