Seven West Media is investing up to $150m in the online real estate operations of Antony Catalano as part of its continued focus on venture capital opportunities.
When delivering its full year result on Tuesday, chief executive James Warburton highlighted opportunities for mergers and acquisitions involving non-media companies.
Mr Catalano confirmed the investment by way of a newly launched View Media Group after it was revealed by DataRoom online on Thursday.
The investment is along side Mr Catalano’s backer, Alex Waislitz.
View Media Group is a real estate digital media and agent services business comprising a suite of property technology platforms offering consumer and business solutions in Australia’s $300bn real estate transaction market.
The property technology assets includes portals, advertising technology, lead generation, lead management solutions, media planning and buying, artificial intelligence services, data and connections under one roof.
“We are bringing together a group of businesses and experts in the industry to form a true disruptor in the rapidly evolving proptech sector,” Mr Catalano said.
View Media Group will initially include a 72 per cent stake in search portal realestateview.com.au, with minority investments in artificial and data business Propic and the utilities comparison and connection business Beevo.
Further investments and acquisitions are expected to be announced by the group in the comping weeks.
Previously registered as IMP, View Media Group is owned by 20 Cashews PTY, which is an entity which is jointly owned by Mr Catalano and Mr Waislitz’s private Thorney Investment Group and the publicly listed Thorney Opportunities.
Mr Catalano and Mr Waislitz have invested substantial capital into View Media Group and further, have committed significant media services through their ACM network of 140 mastheads across regional Australia.
Seven West Media will take equity in the company through its Seven West Ventures subsidiary.
Seven West Media chief executive James Warburton said through its ventures arm, the company was constantly looking for businesses which could grow through its media assets.
Speculation had earlier existed that Seven West Media, chaired by Kerry Stokes, could be one of the investors in Mr Catalano’s online real estate venues.
As well as View Media Group, Mr Catalano owns the publishing business Australian Community Media.
Mr Catalano has kept options open to embark on a backdoor listing of IMP into the shell company of Prime Media.
In its annual report, Seven West Media says it has invested in View Media Group, RAIZ Invest, Money Me, Open Money Group and a portfolio of other Seven West Media ventures.
During the year it completed the acquisition of 100 per cent of the issued share capital of Prime Television and its subsidiaries and Seven Affiliate Sales from PRT, formerly Prime Media Group.
During the year, as a result of the Money Me and Society One Merger, the group disposed of its financial assets in Society One for shares in the listed company Money Me.
Acquisitions during the period were made using a mix of cash and contra advertising agreements.
Seven West is now cashed up and positioned to grow under the leadership of James Warburton, after selling off non-core assets and paying down debt.
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