Fairfax media has revealed that on Friday night they received an “unsolicited, preliminary, non-binding indication of interest” from private equity firm TPG.
TPG was proposing to buy real estate website Domain as well as the metropolitan publishing assets (including the Sydney Morning Herald, The Age and the Australian Financial Review). The new group of media holdings would be called “Domain Co”.
Fairfax is currently reviewing the proposal, as it arrived the same week as they announced a contentious cost-cutting program; which looks to strip $30 million in editorial expenses from the metro publishing business.
Those cuts have prompted a week-long strike by editorial staff which is due to conclude on Wednesday.
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