Metro Media agentsback the Domain Group
News release, January 12, 2015
Metro Media agents back the Domain Group
MMPH’s founding agent and management shareholders have agreed to a transaction that will see them become significant shareholders in Fairfax.
In a major vote of confidence and support for the Domain Group, Melbourne’s leading agents and the founding shareholders of MMPH have agreed to swap their equity in MMPH largely for equity in Fairfax. MMPH founder Antony Catalano and five key management staff have all agreed to swap their equity in MMPH for equity in Fairfax. At completion, MMP Holdings will be 100 per cent owned by Fairfax.
Agent ownership of MMPH subsidiaries, including the rapidly-growing property portal reviewproperty.com.au and The Weekly Review magazines in Melbourne and Geelong, is unaffected by the transaction.
MMPH Chairman, Mr Charbel Nader, said the transaction was a good outcome for MMP, and provided the Domain Group with the opportunity to expand the equity model nationally.
“The MMP Group’s success has become increasingly tied to the growth it has been able to generate for Domain in Victoria since Fairfax purchased 50 per cent of the business,” he said.
“The founding shareholders have embraced the opportunity to transfer their equity into Fairfax shares as they align their interests with Domain, which we believe has significant further growth opportunities in Victoria and nationally.
“This business has been an extraordinary success by any measure. In the four and a half years since the first The Weekly Review magazine was published, we have created outstanding print and digital products that have been warmly embraced by readers and advertisers.
“In a little over four years, hundreds of agents across Victoria in partnership with MMP have created for themselves a very substantial financial interest through their shareholdings in the MMP Group.
“We have brought genuine competition to the market with better products, more readers and better prices.
“After the transaction, MMP will continue to have more than 400 agent shareholders through its reviewproperty.com.au and The Weekly Review magazines, and we will continue to work with them for the benefit of property buyers and sellers. We are now looking forward with confidence to the next chapter in the MMP story.”
For further information: John Hine, 0413 37675