Fairfax appoints
Merrill Lynch and
Morgan Stanley Dean Witter
to assess float of online and
interactive businesses
SYDNEY, June
30, 1999 — John Fairfax Holdings Limited
[ASX:FXJ] announced today that it has appointed
Merrill Lynch and Morgan Stanley Dean Witter to
assess and present options to the Board regarding
a potential float of its online and interactive
businesses.
Mr Fred Hilmer,
CEO of Fairfax, said:
"Our online
and interactive businesses have reached a
critical mass of activity and viability.
Moreover, continuing to build our interactive
businesses may require the separate focus and
currency that listing could bring. This is a
sensible time to explore options for a float of
the online and interactive businesses.
"Merrill
Lynch and Morgan Stanley Dean Witter are well
qualified to advise us in this process. A
decision as to whether, and how, to proceed, if
at all, will be made shortly after their report.
"Our
objective is to build the overall business and
contribute to shareholder value. This is the test
that the prevailing option will be asked to meet.
"The
Company will make no further statement on this
matter until this process is completed."
For further
information, please contact
Bruce Wolpe,
Manager, Corporate Affairs, (02) 9282 3640
--
ENDS —
Note
to editors
John Fairfax
Holdings Limited [ASX:FXJ] is Australia’s
leading publishing group. Its mastheads include The
Sydney Morning Herald, The Australian Financial
Review, The Age, The Sun-Herald, and BRW.
In addition, the Company publishes financial and
consumer magazines, and provides online services.
In 1998, the Company had revenues of over $1.1
billion.
Fairfax
Interactive Businesses (FIB) includes
Australia’s leading news sites (smh.com.au,
theage.com.au, and afr.com.au) and financial
sites (tradingroom.com.au and
MoneyManager.com.au), the major car supersite
(drive.com.au) and fairfax@market,
Australia’s leading classifieds.
Fairfax launched
SOLD.com.au, a major online trading and auction
site, on June 29.
FIB also
includes CitySearch.com.au, Australia’s
biggest online city guides, and Big Colour Pages,
the only complete national Internet and print
directory in the country.
Fairfax is
Australia’s leading content provider on the
Internet, with about 1 million page views, and
more than 150,000 site visits, per day.
