Feeds

Nine drives away from Carsales.com

Pimp my ride, for half a billion or so

  • alert
  • submit to reddit

Mobile application security vulnerability report

Australia’s old media continues to shuffle its new media plays, with TV network owner Nine Entertainment flogging its 49.1 per cent stake in Carsales.com for AU$565.5m.

A group of institutional and private investors have taken the vehicle trading site off the hands of Nine Entertainment subsidiary ACP Magazines. The sale comes ahead of an IPO planned later this year by majority owner, private equity firm CVC Asia Pacific.

Carsales MD Greg Roebuck said the transaction would not affect the day-to-day operations of the company.

"At an operational level, the ties between Carsales, ACP Magazines and Nine Entertainment have been minimal with all commercial arrangements held at arms' length," Roebuck said.

Carsales.com was founded by Roebuck in 1997 as a result of his disappointment with the inconsistency of information contained in traditional classified ads when he was trying to buy a car for his wife.

Since launch Carsales.com has listed on the Australian Stock Exchange and grown into 24 sites spanning automotive, marine, motorcycle, construction and equipment classifieds business. It has also recently launched its own media agency. At its interim results Carsales posted profits of $27.7m off the back of a strong rise in revenues. ®

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.