Feeds

Fairfax looks for bids on auction site

Old media might sell new media to save old media

Top 5 reasons to deploy VMware with Tegile

Fairfax Media is considering offloading New Zealands’s biggest online auction site Trade Me and has embarked on a wider strategic review of its group assets.

Fairfax made a surprising move in acquiring the online property in 2006 for NZ$750 million.

In a statement to the ASX Fairfax Media confirmed that the strategic review would include the sale of its radio assets.

“Trade Me, like all other assets, is included in the overall review. While all opportunities will be reviewed, contrary to some market speculation, the company has not made any decision on any transaction relating to Trade Me,’ the company said.

Former Fairfax New Zealand CEO Joan Withers has welcomed the sale of the New Zealand asset, particularly if it included a partial float of the business on the New Zealand stock market. "It would be brilliant if New Zealanders get to have a stake in a business that has performed so brilliantly," she said.

Australian analysts differ on estimates on Trade Me’s current valuation, Morgan Stanley said it could be worth between AUD$1.1 billion to $1.3 billion while Deutsche Bank said Fairfax could realise $391 million by floating 50% of Trade Me.

The review follows a warning to the market last month that adverse advertising and market conditions were affecting the Fairfax Group’s overall performance and that the company was embarking on significant rationalisation plans. ®

Internet Security Threat Report 2014

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.