AAP
Fairfax Media has moved to recapture some recently lost real estate advertising revenue in Victoria through a merger with Metro Media Publishing (MMP).
MMP was founded by Antony Catalano and publishes The Weekly Review, which successfully took large real estate advertising dollars away from Fairfax's Melbourne Weekly when it launched in 2010.
Industry estimates suggest The Weekly Review took about $20 million in advertising revenue away from Fairfax.
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Under the deal, which still requires Australian Competition and Consumer Commission approval, Fairfax would pay $35 million and fold its Fairfax Community Newspapers in Victoria into MMP.
Fairfax said it would own 50 per cent voting and economic interest in MMP after the transaction was completed.
Fairfax's statement on Friday said The Weekly Review was delivered to about 220,000 households.
MMP managing director Antony Catalano, a former senior executive at Fairfax's The Age newspaper in Melbourne, would continue in his current role, Fairfax said.
"This merger provides the opportunity to roll out Fairfax Media's Domain brand across the MMP titles, and to build a stronger internet and app presence for the local real estate industry," he said in a statement.
"Both MMP and Fairfax Media see a bright future for high-quality local print publications working closely with real estate agents, and an improved digital presence will only enhance this offering."
At 1214 AEDT Fairfax was up one cent, or 1.41 per cent, at 72 cents.
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