GEELONG real estate publication The Weekly Review has been sold to Fairfax Media.
The sale was part of Fairfax acquiring 100 per cent all Weekly Review titles published by Metro Media Publishing Holdings.
Fairfax already owned 50 per cent of MMPH and bought the remaining stake for $72 million, paid for in shares and $18.5 million in cash.
MMPH publishes 15 titles in Geelong and Melbourne as well as the reviewproperty.com.au website.
Real estate agents advertising in MMPH publications are also co-shareholders with financial interests via the MMPH Group equity structure.
“This equity structure has proved very successful for both MMPH and agents and will continue under the new MMPH ownership,” Fairfax said in a statement.
“MMPH founding real estate agent shareholders will each take 65 per cent of their consideration in Fairfax shares.”
A newspaper war broke out in 2013 between the News Ltd’s Geelong Advertiser and the Weekly Review over real estate advertising.
The Weekly Review signed 25 of Geelong’s real estate agencies to become shareholders in the publication, receiving fixed dividends for set amounts of advertising spend.
A legal action started by MMPH against Geelong real estate agency HayesWinckle for switching advertising to the Geelong Advertiser was later settled out of court.
MMP founder, Antony Catalano, will continue in his role as chief executive officer of Fairfax’s Domain Group overseeing MMP. He will take all consideration due to him in Fairfax shares.
Fairfax chief Greg Hywood said the group’s property business would continue its “aggressive national expansion”.
“The consolidation enhances our rollout nationally of the agent equity model successfully pioneered by MMPH in Victoria.
“MMPH reaches one million households in Melbourne and Geelong every week via The Weekly Review magazines and Star Weekly newspapers.”
