Fairfax Media confirms private equity bid for flagship titles
Guardian Australia |
07 May 2017
Fairfax Media has confirmed private equity company TPG Capital has made an unsolicited approach to buy its three key metro newspapers and online real estate arm Domain.
The US-based firm has put forward a proposal to buy the Sydney Morning Herald, the Age and the Australian Financial Review, along with Domain, in a deal estimated to be worth about $2.5bn.
Fairfax Media’s chief executive, Greg Hywood, held meetings at the company’s Pyrmont headquarters on Sunday and wrote to staff in the evening confirming the proposal.
He said it was a “preliminary indicative” proposal and was still subject to a number of conditions including approval by the Foreign Investment Review Board, Fairfax reported on Sunday night.
Read More: https://www.theguardian.com/media/2017/may/08/fairfax-media-private-equity-bid-smh-the-age-financial-review-domain?CMP=soc_568