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Fairfax Media
Fairfax Media was a media company in Australia and New Zealand, with investments in newspaper, magazines, radio and digital properties. The company was founded by John Fairfax as John Fairfax and Sons, who purchased The Sydney Morning Herald in 1841. The Fairfax family retained control of the business until late in the 20th century.
The company also owned several regional and national Australian newspapers, including The Age, Australian Financial Review and Canberra Times, majority stakes in property business Domain Group and the Macquarie Radio Network, and joint ventures in streaming service Stan and online publisher HuffPost Australia.
The group's last chairman was Nick Falloon and the CEO was Greg Hywood.
On 26 July 2018, Fairfax Media and Nine Entertainment Co. announced it had agreed on terms for a merger between the two companies. Shareholders in Nine Entertainment Co. took a 51% of the combined entity and Fairfax shareholders own 49%. Fairfax Media was delisted from the Australian Securities Exchange in December 2018. Its metro publishing assets continue to be published by the group as Nine Publishing. Many of its other assets, such as its community media holdings were sold shortly after the merger was completed.
John Fairfax purchased The Sydney Morning Herald in 1841. Several generations of the Fairfax family continued to control the company. Fairfax Media was founded by the Fairfax family as John Fairfax and Sons, later to become John Fairfax Holdings. The Fairfax family lost control of the company in December 1990. It was renamed from John Fairfax Holdings to Fairfax Media in 2007.[citation needed]
The Australian Financial Review was founded in 1951. In that decade, Fairfax started two television stations, ATN and QTQ. Fairfax began expanding in the 1960s, acquiring, among others, The Age, The Newcastle Herald and the Illawarra Mercury. In 1979, Rupert Murdoch attempted to acquire rival The Herald and Weekly Times. Due to the costs of defending the acquisition, Fairfax sold its television properties, including the Seven Network. In 1988, Fairfax sold its magazines (including Woman's Day, People, Dolly, and Good Housekeeping) to Australian Consolidated Press, and discontinued its Sydney afternoon tabloid The Sun, transferring some of its content and the sponsorship of the City to Surf to its new Sunday tabloid The Sun-Herald which also replaced the broadsheet Sunday Herald.[citation needed]
In 1987, Warwick Fairfax, then aged 26, bought out his family's holdings in the company using borrowed debts. He successfully took ownership of the company, selling some properties to his half-brother John B. Fairfax, who formed Rural Press. On 10 December 1990, the company collapsed and a receiver was appointed, with company debts of A$1.7 billion. By 1993, the company was re-listed on the Australian Securities Exchange and the two biggest shareholders of John Fairfax Holdings were the Canadian newspaper magnate Conrad Black and his Hollinger Group with 25%, and the Australian media mogul, Kerry Packer and his publicly listed company, Publishing and Broadcasting Limited with 15%. Due to Australian government concerns over media consolidation that limited any single foreign shareholder holding more than 25% interest in national and metropolitan newspapers, after intense lobbying for the right to increase his stake, Black conceded defeat in 1996, selling his holding to the New Zealand corporate raider Brierley Investments, that was ultimately subject to the same restrictions.
In 2003, Fairfax acquired many of New Zealand's highest-profile newspapers when it bought the publishing assets of that country's Independent Newspapers, whose cornerstone shareholder was News Corp Australia. In July 2005, Fairfax acquired the RSVP dating site for A$38 million. In August 2005, Fairfax's general classifieds site created in March 2004, Cracker.com.au consistently exceeded 500,000 unique visitors a month.[citation needed] In December 2005, Fairfax acquired Stayz Pty Ltd for A$12.7 million. This investment proved to be successful as Stayz was sold on 27 November 2013, for $220 million, exceeding its estimated net debt of $154 million. In September 2007, Fairfax acquired online funds management business, InvestSMART, from founders Ron Hodge and Nigel Poole for A$12M. In August 2013, Fairfax sold the InvestSMART business to Australasian Wealth Investments Limited, now called InvestSMART Group Limited, for A$7M.
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Fairfax Media
Fairfax Media was a media company in Australia and New Zealand, with investments in newspaper, magazines, radio and digital properties. The company was founded by John Fairfax as John Fairfax and Sons, who purchased The Sydney Morning Herald in 1841. The Fairfax family retained control of the business until late in the 20th century.
The company also owned several regional and national Australian newspapers, including The Age, Australian Financial Review and Canberra Times, majority stakes in property business Domain Group and the Macquarie Radio Network, and joint ventures in streaming service Stan and online publisher HuffPost Australia.
The group's last chairman was Nick Falloon and the CEO was Greg Hywood.
On 26 July 2018, Fairfax Media and Nine Entertainment Co. announced it had agreed on terms for a merger between the two companies. Shareholders in Nine Entertainment Co. took a 51% of the combined entity and Fairfax shareholders own 49%. Fairfax Media was delisted from the Australian Securities Exchange in December 2018. Its metro publishing assets continue to be published by the group as Nine Publishing. Many of its other assets, such as its community media holdings were sold shortly after the merger was completed.
John Fairfax purchased The Sydney Morning Herald in 1841. Several generations of the Fairfax family continued to control the company. Fairfax Media was founded by the Fairfax family as John Fairfax and Sons, later to become John Fairfax Holdings. The Fairfax family lost control of the company in December 1990. It was renamed from John Fairfax Holdings to Fairfax Media in 2007.[citation needed]
The Australian Financial Review was founded in 1951. In that decade, Fairfax started two television stations, ATN and QTQ. Fairfax began expanding in the 1960s, acquiring, among others, The Age, The Newcastle Herald and the Illawarra Mercury. In 1979, Rupert Murdoch attempted to acquire rival The Herald and Weekly Times. Due to the costs of defending the acquisition, Fairfax sold its television properties, including the Seven Network. In 1988, Fairfax sold its magazines (including Woman's Day, People, Dolly, and Good Housekeeping) to Australian Consolidated Press, and discontinued its Sydney afternoon tabloid The Sun, transferring some of its content and the sponsorship of the City to Surf to its new Sunday tabloid The Sun-Herald which also replaced the broadsheet Sunday Herald.[citation needed]
In 1987, Warwick Fairfax, then aged 26, bought out his family's holdings in the company using borrowed debts. He successfully took ownership of the company, selling some properties to his half-brother John B. Fairfax, who formed Rural Press. On 10 December 1990, the company collapsed and a receiver was appointed, with company debts of A$1.7 billion. By 1993, the company was re-listed on the Australian Securities Exchange and the two biggest shareholders of John Fairfax Holdings were the Canadian newspaper magnate Conrad Black and his Hollinger Group with 25%, and the Australian media mogul, Kerry Packer and his publicly listed company, Publishing and Broadcasting Limited with 15%. Due to Australian government concerns over media consolidation that limited any single foreign shareholder holding more than 25% interest in national and metropolitan newspapers, after intense lobbying for the right to increase his stake, Black conceded defeat in 1996, selling his holding to the New Zealand corporate raider Brierley Investments, that was ultimately subject to the same restrictions.
In 2003, Fairfax acquired many of New Zealand's highest-profile newspapers when it bought the publishing assets of that country's Independent Newspapers, whose cornerstone shareholder was News Corp Australia. In July 2005, Fairfax acquired the RSVP dating site for A$38 million. In August 2005, Fairfax's general classifieds site created in March 2004, Cracker.com.au consistently exceeded 500,000 unique visitors a month.[citation needed] In December 2005, Fairfax acquired Stayz Pty Ltd for A$12.7 million. This investment proved to be successful as Stayz was sold on 27 November 2013, for $220 million, exceeding its estimated net debt of $154 million. In September 2007, Fairfax acquired online funds management business, InvestSMART, from founders Ron Hodge and Nigel Poole for A$12M. In August 2013, Fairfax sold the InvestSMART business to Australasian Wealth Investments Limited, now called InvestSMART Group Limited, for A$7M.