ASX
Announcement:
Pacific Access acquisition of f2’s online CitySearch business finalised
Sydney,
May 23, 2002 -
The online subsidiary of John Fairfax Holdings Limited [ASX:FXJ], f2, announced today that it had finalised transactions with Telstra Corporation Limited [ASX:TLS]’s advertising and directories subsidiary, Pacific Access Pty Ltd, for Pacific Access to acquire f2's online city guide business, CitySearch Australia, for A$20 million.
Under the terms of the agreement, Telstra has acquired CitySearch Australia Pty Ltd, including its online properties, assets and brand, and Pacific Access, will operate the CitySearch business on behalf of Telstra and CitySearch Australia Pty Ltd. The deal also provides Pacific Access with traffic and content from f2 Network to the acquired CitySearch business for an initial period of three years.
Pacific Access regards the CitySearch business as an excellent complement to its existing online and location and navigation businesses. Its existing online advertising customer base is almost doubled to 20,000 overnight and its number of online users increased by around 350,000*.
Pacific Access will begin operating the CitySearch online business today. About one hundred full time CitySearch employees are transferring to Pacific Access. Pacific Access will commence selling CitySearch online products on 23 May 2002, after initial training of CitySearch online staff.
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Contacts:
Felicity Hand, Pacific Access, (03) 9201 4785
Bruce Wolpe, Fairfax, (02) 9282 3640
* Pacific Access Market Research, April 2002, based on unique visitors to Pacific Access and CitySearch site
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