Domain hints at content ambitions beyond property as it pushes ahead with Fairfax separation
Fairfax’s real estate listings site and content portal has flagged its expanding editorial ambitions as it launches new verticals and looks forward to its separation from Fairfax on the ASX.
Speaking to agency partners, CEO Antony Catalano said Domain was now a serious media business in its own right, and one of the strongest brands in the country – which will only continue to grow once it becomes a unique entity.
“About three-and-a-half years ago we were basically a real estate portal and a very distant number two in that space. Fairfax invested very heavily in this business …. [which allowed us to] go down the path of expanding into a whole bunch of categories within the real estate space,” he said.
So it seems that Cynical Ltd is floating off Irony Inc, creating a competitor for itself? What a load of hot cock, as the Cat might say. Fairfax gives content to Domain. The property ads in the strangled newspapers are gifted to Domain. In fact the whole Fairfax structure has become a Potemkin village called Domain. Now the ersatz publisher of Domain is going to eat the hand that feeds him.
Tragic. A once vibrant, proud business is reduced to grubby embarrassment by a few urgers and shufflers.
I reckon Fairfax is going to have much trouble with this float. Clearly TPG and Hellman Freedman found something that isn’t public. Something that stopped them both dead in their tracks. Fairfax is going to have to explain that and thus sort of buccaneering by Catalano isn’t making anyone feel more trusting.
The only good thing Hywood has done lately is talk up the PE. That gave me an exit! This company is on the nose. The facts do not fit the spin and the logic of Domain versus the rest of the business is plain wrong. Judging from the evidence, news media need to be selling a consumer product – in most categories their advertising business is gone. But Fairfax – which had the superior product – has killed it, giving up the ground to News (which appears to lack the ability to actually take the opportunity!)