Fairfax Media has confirmed private equity company TPG Capital has made an unsolicited approach to buy its three key metro newspapers and online real estate arm Domain.
The US-based firm has put forward a proposal to buy the Sydney Morning Herald, the Age and the Australian Financial Review, along with Domain, in a deal estimated to be worth about $2.5bn.
Fairfax Media’s chief executive, Greg Hywood, held meetings at the company’s Pyrmont headquarters on Sunday and wrote to staff in the evening confirming the proposal.
He said it was a “preliminary indicative” proposal and was still subject to a number of conditions including approval by the Foreign Investment Review Board, Fairfax reported on Sunday night.
Read More: https://www.theguardian.com/media/2017/may/08/fairfax-media-private-equity-bid-smh-the-age-financial-review-domain?CMP=soc_568