Fairfax Media Eyeing Massive $2.5 Billion Offer From US Private Equity Firm

Fairfax Media Eyeing Massive $2.5 Billion Offer From US Private Equity Firm
SHARE
THIS



Following on from one of its more tumultuous weeks in recent times, that saw staff go on a seven-day work stoppage, comes news over the weekend that Fairfax Media is eyeing a potential $2.5 billion offer from US private equity firm TPG.

TPG, one of the world’s biggest private equity firms, already owns a considerable whack of Fairfax, after it bought five per cent of its shares in March 2016.  It also boasts interests in a number of US businesses, namely in the areas of tech, pharmaceuticals and hospitality.

Although exact details of TPG’s offer is sketchy, it’s believed the potential deal involves the purchase of Fairfax’s chief mastheads including The Sydney Morning Herald, The Age and The Australian Financial Review.

It has been reported that Fairfax’s board met over the weekend to consider TPG’s offer. However, any deal would be beholden to the approval of the ACCC and to the Foreign Investment Review Board.

Fairfax Media itself has reported that TPG’s CEO Joel Tickins is currently in Australia discussing the purchase that would result in the breakup of the 176 year old family-owned media business.

Over the weekend, Fairfax Media news sites described any potential deal as “complicated and uncertain”.

Again, what parts of Fairfax TPG has its eyes on are unclear, although the jewel in the Fairfax crown – the real estate site Domain – would definitely be included.

However, it has been reported that the private equity firm is not interested in other parts of the Fairfax business that include its New Zealand operations, its stake in Macquarie Media Radio and the SVOD JV Stan. If the deal was to go ahead, the unwanted parts of the business would reportedly merge to form their own company separate to the news mastheads and Domain site.

In an email to staff over the weekend, Fairfax CEO Greg Hywood said: “Appropriately, the Fairfax board is reviewing the indicative proposal. There is no certainty that the indicative proposal will result in an offer for Fairfax, what the terms of any offer would be, or whether there will be a recommendation by the Fairfax board.”

The news of TPG’s offer comes after the federal government finally announced its long awaited new media reforms on Saturday. However, it’s believed that news of the reforms and the news of TPG’s interests in Fairfax are purely coincidentally.

A spokesperson for the federal communications minister, Mitch Fifield, said over the weekend: “This is a matter for the Fairfax board and its shareholders,” a spokesperson was quoted in Fairfax Media.

“A proposal would also require scrutiny from the Foreign Investment Review Board and the government does not comment on prospective FIRB applications,” he said.

Please login with linkedin to comment

Advertising Standards Bureau Greg Hywood Interior vavavoom

Latest News

Sunday TV Wrap: Nine’s News & Celeb Apprentice Top Rankings, But Seven Steals The Win Overall
  • Media

Sunday TV Wrap: Nine’s News & Celeb Apprentice Top Rankings, But Seven Steals The Win Overall

Nine claimed the most watched show of the night (its 6pm news bulletin) and best rating reality show (Celebrity Apprentice), however, it wasn’t enough to give it a Sunday night win, with arch-rival Seven pinching the crown. All numbers are OzTAm metro. Seven won the night – namely thanks to its AFL coverage – taking […]

by B&T Magazine

B&T Magazine
“Come The F@ck On!” Fury As Man Charged $18 For Two Ice-Creams As Flake Shortage Grips UK
  • Media

“Come The F@ck On!” Fury As Man Charged $18 For Two Ice-Creams As Flake Shortage Grips UK

A British man has made the headlines after he savaged an ice-cream vendor on Facebook for slugging him £10 ($A18.30) for two ice-creams with a Flake. Apparently the high cost of the ice confection treat is due to the current heatwave in the UK (temperatures topping 27 degrees in places) that’s led to people overwhelming […]

by B&T Magazine

B&T Magazine
“Repeat, This Is Not A Joke!” Adani Releases Climate Action Corporate Video!
  • Campaigns

“Repeat, This Is Not A Joke!” Adani Releases Climate Action Corporate Video!

Adani – the Indian-based multinational that owns the highly controversial coal mine in Queensland’s Galilee Basin – has jumped on the corporate goodwill bandwagon, releasing a climate activism video. The one-minute, 20-second video is called “#ican” and, rather than point the blame at corporates for climate inaction, it infers it’s more an individual’s responsibility. The […]

Facebook Joins Forces With Lifeblood To Launch New Blood Donations Feature
  • Media
  • Technology

Facebook Joins Forces With Lifeblood To Launch New Blood Donations Feature

Facebook is has announced a partnership with Australian Red Cross Lifeblood (Lifeblood) across Australia to help top up the nation’s blood supply with much-needed new donations. Launching as part of Lifeblood’s National Blood Donor Week (14-20 June), Facebook’s new Blood Donations feature has already helped over 100 million Facebook users sign up to receive notifications […]

Hands using mobile payments, Digital marketing. Banking network. Online shopping and icon customer networking connection on virtual screen, Business technology concept
  • Technology

Twilio Segment Launches Journeys To Help Marketers Improve Personalisation

Twilio Segment has announced the launch of Journeys, a new product built on the Segment CDP that allows marketers to easily build sophisticated customer journeys and orchestrate personalisation at scale, through every channel, and across their entire customer experience stack. A customer journey is the entire experience a customer has while interacting with a brand, over […]

New Zealand’s Favourite Ad Revealed
  • Media

New Zealand’s Favourite Ad Revealed

Insight agency TRA has asked 1,000 New Zealanders about their favourite ads, and the top ten ads most liked by the public are also very effective at achieving business results. According to the findings, ASB’s “Ben and Amy” has taken the number one spot, with nearly twice as many people mentioning this ASB campaign as […]

It’s Time To Refocus Customer Experience In The Era Of Risk
  • Opinion

It’s Time To Refocus Customer Experience In The Era Of Risk

In this guest post, Andy Mellor, regional vice president, ANZ at Kofax, asks what does customer experience look like in this era of privacy and risk? “You never get a second chance to make a first impression.” If only you had a dollar for every time you heard this saying, right? When we talk about customer […]

Influencer Exposed For Faking Business-class Flight
  • Marketing
  • Media

Influencer Exposed For Faking Business-class Flight

A French influencer has been snapped travelling in economy despite posting a photo of herself flying business class on social media. Océane El Himer, a Dubai based French model and influencer, posted a photo of herself posing in front of a business class seat on a recent flight, with the caption “Next stop: Monaco. Je […]

A Naked Shane Jacobson Saves Water For Sydney Water
  • Campaigns

A Naked Shane Jacobson Saves Water For Sydney Water

Aussie actor and media personality Shane Jacobson has joined forces with Sydney Water to launch a new water conservation campaign called Turn it off, Bob – urging us to think differently about our relationship with water. The campaign launched yesterday, and features Jacobson in character as the likeable larrikin, ‘Bob’, whose long steamy shower sparks […]

Aussie Shoe Brand TWOOBS Embraces Anti-Marketing In Push For More Consumer-conscious Shopping
  • Marketing

Aussie Shoe Brand TWOOBS Embraces Anti-Marketing In Push For More Consumer-conscious Shopping

After relaunching in September last year, TWOOBS has become a ‘kinda’ shoe brand by also focusing on making the world a ‘kinder’ place and creating more consumer-conscious shopping. The vegan shoe brand founded by sisters Jess and Stef Dadon changed its marketing approach last year and stopped using social media to push sales the old-fashioned […]

Visit Sunshine Coast Hires New Head Of Marketing
  • Marketing

Visit Sunshine Coast Hires New Head Of Marketing

Highly experienced tourism marketer Kelly Ryan has been appointed to lead the marketing efforts at Visit Sunshine Coast (VSC). During the past 12 years, Ryan has supported Canberra’s tourism industry in senior marketing roles, including as director of strategy and insights as well as director of marketing at VisitCanberra. Most recently, Ryan has been working […]

GHO Sydney And Family Planning NSW Launch ‘Planet Puberty’ Platform
  • Campaigns

GHO Sydney And Family Planning NSW Launch ‘Planet Puberty’ Platform

GHO Sydney has developed a new educational platform for Family Planning NSW to help parents and carers of children with disabilities navigate the changes to their bodies, emotions and social interactions. The project, ‘Planet Puberty’, was made possible through funding from the federal government’s Department of Social Services, and was co-designed with people with disability […]