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Fairfax Media Limited has created a unique segment for subsidiary Domain Group, as the media giant looks to capture the ‘immense opportunity’ in real estate.
Fairfax Media CEO Greg Hywood said Domain has established itself as a genuine force and aggressive competitor in real estate media and services.
“Domain makes a significant earnings contribution and remains an integral and growing part of Fairfax,” Mr Hywood said.
He said Fairfax has “no plans” for that to change.
“We continue to invest in Domain. The new segment presentation for Metro provides a clearer picture of the operational performance of the business as it transitions to a new, sustainable publishing model over time.”
The change will be reflected in Fairfax’s full-year 2016 results, to be reported on 10 August 2016. Domain’s operating results will be shown as a separate reporting segment.
Its results were previously included in the Australian Metro Media segment, with additional disclosure provided.
The remaining Australian Metro Media segment comprises metropolitan and national newspapers and websites, digital ventures and events.
In July this year Domain acquired 50 per cent of Residential Connections, which owns the market-leading Compare & Connect residential utilities comparison and connections business, to expand beyond simply listing real estate.
This was Domain’s third strategic acquisition in as many months.
It followed recent investments in Oneflare, an online trades and services marketplace, and Beevo, a commercial utilities connections firm.
At the time, Domain Group CEO Antony Catalano said given Compare & Connect’s unique product advantages, the investment would enable Domain to enter the residential utilities connection space with a superior offering.
It would demonstrate its “continued commitment” to partnering with the real estate industry and establishing a market-leading position, he added.
[Related: Domain moves beyond listings with latest acquisition]
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