ADVERTISING – REAL ESTATE BUSINESS – AUSTRALIA

Fairfax-Nine merger to fight Facebook, Google

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Original article by Jemima Whyte, Max Mason
The Australian Financial Review – Page: 1 & 19 : 27-Jul-18

Chris Stott of Wilson Asset Management estimates that the proposed $4.2bn merger between Nine Entertainment Company and Fairfax Media will generate cost and revenue synergies of at least $100m. The deal is the first since the changes to cross-media ownership laws, and there is speculation that there will be further consolidation in the sector. Nine Entertainment CEO Hugh Marks will head the new company, which will combine print and broadcasting assets, as well as the Stan streaming video service and a 60 per cent stake in the Domain real estate listings business.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, STAN ENTERTAINMENT PTY LTD, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, NETFLIX INCORPORATED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, WILSON ASSET MANAGEMENT, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TPG CAPITAL LP, HELLMAN AND FRIEDMAN, THORNEY INVESTMENTS PTY LTD, AUSBIL INVESTMENT MANAGEMENT LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, ISPT PTY LTD

Backing for new Domain chief

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Original article by Darren Davidson
The Australian – Page: 23 : 4-Jul-18

Domain Holdings’ shares closed 0.63 per cent lower at $3.15 on 3 July, after the property listings group advised that Google Australia MD Jason ­Pellegrino will succeed Antony Catalano as CEO. Pellegrino will be paid $1.2m a year in his new role, plus a $500,000 sign-on bonus and $2m worth of Domain shares. Institutional investors are largely positive about his appointment, although some note his lack of experience in the real estate sector.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHG, FAIRFAX MEDIA LIMITED – ASX FXJ, GOOGLE AUSTRALIA PTY LTD, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED, LEGG MASON ASSET MANAGEMENT AUSTRALIA LIMITED, WILSON ASSET MANAGEMENT

Fairfax slapped for Domain ad

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Original article by Darren Davidson
The Australian – Page: 19 : 8-May-18

Fairfax Media has been fined $A15,000 for running an advertisement in February 2016 that made false claims about its Domain real estate listings business. The advertisement was run one day after Fairfax had agreed in court that it would not place adverts that made false claims, following legal action taken by realestate.com.au owner REA Group. Fairfax was found to be in contempt of court.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, REA GROUP LIMITED – ASX REA, REALESTATE.COM.AU, NEWS CORPORATION – ASX NWS, FEDERAL COURT OF AUSTRALIA, HOMETRACK DATA SYSTEMS LIMITED

Domain chief to fix culture

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Original article by Dana McCauley
The Australian – Page: 17 & 28 : 20-Feb-18

Property listings group Domain Holdings has posted a 2017-18 interim loss of $A3.4m. It was Domain’s first result since it was spun off by Fairfax Media, and the company’s interim earnings before significant items fell eight per cent to $A24.7m on a pro forma basis. Domain is undertaking a global search for a new CEO, and executive chairman Nick Falloon says the successful applicant will be required to address the corporate culture issues that led to the resignation of former CEO Antony Catalano.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, REVIEW PROPERTY, CITIGROUP PTY LTD, TEN NETWORK HOLDINGS LIMITED

Catalano conduct raised two years ago

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Original article by Joyce Moullakis, Aaron Patrick
The Australian Financial Review – Page: 7 : 8-Feb-18

Sources have alleged that Domain Holdings’ human resources department had received a complaint about the conduct of former CEO Antony Catalano in early 2016. Amongst other things, a Domain executive is said to have lodged a complaint about Catalano’s behaviour, the "blokey" culture at the property listings group and the promotion of a female intern to a permanent position. Catalano is said to have been aware of the complaint and subsequently asked the executive to leave, although sources within Domain claim that this was due to performance reasons.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ

Domain dives as Catalano quits

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Original article by Darren Davidson
The Australian – Page: 15 & 24 : 23-Jan-18

The market capitalisation of property listings group Domain Holdings was slashed by $A420m on 22 January, after the sudden resignation of CEO Antony Catalano sparked a sharp fall in its share price. The stock closed 17.2 per cent lower at $A2.75 as investors pondered the reason for Catalano’s departure just two months after Domain was spun off by Fairfax Media. Independent director Greg Ellis has been touted as a potential successor to Catalano. He currently heads Scout24 in Germany and he is a former CEO of Domain rival REA Group.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, SCOUT24 HOLDING GMBH, REA GROUP LIMITED – ASX REA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, CITIGROUP PTY LTD, TPG CAPITAL LP, HELLMAN AND FRIEDMAN, ONTARIO TEACHERS’ PENSION PLAN

Fairfax shareholders back Domain spin-off

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 9-Nov-17

Some 99.89 per cent of votes cast at a scheme meeting of Fairfax Media shareholders were in favour of the proposal to demerge Domain and list it on the sharemarket. Domain CEO Antony Catalano says it is right time to float the property listings business, adding that he is fully prepared for his new role as the head of a listed company. Fairfax will retain a 60 per cent stake in Domain, with the balance of the stock to be distributed to the media group’s existing shareholders.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED

Fairfax goes it alone as investors back Domain split

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Original article by Dana McCauley
The Australian – Page: 21 : 3-Nov-17

The majority of Fairfax shareholders at its 2017 annual meeting voted in favour of demerging the Domain property listings business. Fairfax will retain a 60 per cent stake in Domain, while shareholders will receive one share in Domain for every 10 Fairfax shares that they own. Meanwhile, Fairfax CEO Greg Hywood has stressed that the company’s print newspapers will continue to be published for some time, while chairman Nick Falloon indicated that Fairfax would be open to merger deals following the relaxation of cross-media ownership laws.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN.COM.AU, SEVEN WEST MEDIA LIMITED – ASX SWM, TRONC INCORPORATED, FEDERAL COURT OF AUSTRALIA

Domain launches ad blitz using phrase rival REA tried to ban

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Original article by Max Mason
The Australian Financial Review – Page: 9 : 3-Aug-17

Fairfax Media’s Domain property listings business will launch a cross-platform advertising campaign promoting itself as "Australia’s #1 Property App". Domain first used the tagline in early 2016, but rival REA Group challenged this claim in court. The Federal Court upheld REA’s complaint about two of Domain’s ads, ruling that they included false or misleading representations. However, the court ruled that Domain was entitled to claim in ads that it has the nation’s leading property app.

CORPORATES
DOMAIN.COM.AU, FAIRFAX MEDIA LIMITED – ASX FXJ, REA GROUP LIMITED – ASX REA, FEDERAL COURT OF AUSTRALIA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, CITIGROUP PTY LTD, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, DDB SYDNEY PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, TPG CAPITAL LP, HELLMAN AND FRIEDMAN

Cooling property market good for Domain, REA

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Original article by Max Mason
The Australian Financial Review – Page: 31 : 28-Jul-17

Online real estate advertising groups REA and Domain will benefit from any slowdown in the Australian residential property sector, according to David Kaynes of Citigroup. He says this is because agents may have to place a listing advertisement more than once before a property is sold if the market starts to cool off. Citigroup’s share target price for REA is $A80, while its target price for Domain parent Fairfax Media is $A1.10.

CORPORATES
REA GROUP LIMITED – ASX REA, DOMAIN.COM.AU, CITIGROUP PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, TPG CAPITAL LP, HELLMAN AND FRIEDMAN