Fairfax Media Limited
(ASX:FXJ) says it has sold its US based agricultural media business for $US79.9 million to North America based and agricultural information business Penton Media.
The transaction includes the Farm Progress and Miller Publishing Company which Fairfax acquired in 1997 and kept separate to its Australian and New Zealand businesses.
Fairfax says the sale will further strengthen its balance sheet after the media company booked more than $2.8 billion of write downs and a $140 million redundancy program in its annual results.
Fairfax Media booked a net loss of $2.7 billion in the 2012 financial year.
