Fairfax Media Limited
(ASX:FXJ) say it is proceeding with the separation of Domain as a standalone business as it has an attractive future.
The media giant says it has progressed all the necessary regulatory approvals, to meet its timetabled separation by the end of 2017.
Meantime, Fairfax also ended discussions with the TPG Consortium and Hellman & Freidman after it didn’t receive a binding offer for the business.
Fairfax’s board says its digital business is growly strongly, while Domain’s revenue is up 10 per cent with its total digital business up 22 per cent for the second half of FY17.
Meanwhile, overall group revenues are around 6 per cent below last year’s second half.
The company expects its fully year 2017n EBITDA will be between $262 million and $266 million, with its results released on 16 August 2017.
Shares in Fairfax Media Limited
(ASX:FXJ) last traded at $1.10
