Catalano steers ACM to property
Australian Community Media, the regional newspaper publisher owned by Antony Catalano and Alex Waislitz, is moving into the digital real estate market .
Australian Community Media, the regional newspaper publisher owned by Antony Catalano and Alex Waislitz, is moving into the digital real estate market with realestateview.com.au.
The two businesses will set up a joint venture, which will invest more than $100m over five years to build a “multifaceted property media, agent services and data business”.
ACM on Thursday will roll out the realestateview.com.au brand to about 130 print and digital titles that feature property sections such as The Newcastle Herald and Northern Beaches Review, replacing Nine Entertainment’s real estate brand Domain.
Mr Catalano, who is executive chairman of ACM, says the move is a “key strategic piece” of its real estate digital media plan.
“With majority ownership in the JV we can now look to fast-track the realestateview.com.au business by enabling it through all parts of the ACM business, including editorial, marketing and of course a combined national sales force that will sell our integrated property marketing solution,” he said.
ACM holds a 26 per cent stake in realestateview.com.au after participating in the group’s recent capital raising, which means it has an economic interest in the joint venture in excess of 70 per cent, Mr Catalano told The Australian.
Mr Catalano said it was “too early” to talk about a possible float of the joint venture on the ASX.
“I like the idea of building digital media assets within ACM that provide a diversified revenue stream and new and varied earnings for the company and profitability that helps us continue to invest in regional media,” he said.
Realestateview.com.au chief executive Toby Balazs, a former REA Group executive, said the tie-up with ACM would help the business grow and boost its public profile.
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