Fairfax Media Limited
(ASX:FXJ) has sold its remaining stake in New Zealand online auction house Trade Me Group Limited (ASX:TME, NZE:TME) to cut its debt load.
The media company’s publications claim the 51 per cent stake has been sold for more than $600 million to institutional investors.
Fairfax sold a 34 per cent interest in Trade Me when it was spun off as a separate entity at the end of last year and divested an extra 15 per cent earlier this year.
The latest sale comes after Fairfax sold its US agricultural media business for $US80 million last month to strengthen its balance sheet.
Shares in Fairfax Media fell 5.6 per cent on Friday to finish the week at $0.51.
Fairfax Media booked a net loss of $2.7 billion in the 2012 financial year.
