Published on the 08/06/2011 | Written by Newsdesk
Reports suggest that Australian media giant Fairfax is currently reviewing the status of New Zealand online auction site TradeMe and may sell the asset…
Fairfax general manager for investor relations Frank Sufferini told Radio New Zealand that TradeMe is currently being reviewed alongside other parts of the firm’s business.
Mr Sufferini didn’t say what issues the review is looking at but did not dispute a suggestion that the sale, retention or reorganisation of TradeMe are all options.
Following a steady drop in advertising revenue, Fairfax is currently staring down a reported $2.5 billion in debt.
TradeMe is currently valued between NZ$1.4 billion to NZ$1.7 billion.
The review coincides with the sale of some of the company’s Australian radio arm and the redundancies of around 80 staff.
Fairfax paid $750 million for the Sam Morgan-founded company five years ago.
