Monday, 30 June 2003
Fairfax Completes Acquisition of New Zealand Publishing Business
Following a
vote of approval by 94% of the shareholders of Independent Newspapers
Limited [NZSE:INL], John Fairfax Holdings Limited [ASX:FXJ] today
completed its purchase of INL’s New Zealand publishing business, paying
$NZ1.188 billion cash.
Mr Fred
Hilmer, Chief Executive Officer of Fairfax, said:
“The
acquisition of these prime publishing assets will contribute strongly to
our future growth.
“We welcome
the staff in New Zealand into our company, and look forward to working
with them.
“This is an
historic day for Fairfax, and we face the future with confidence.”
Mr Brian
Evans, Chief Executive Officer of Fairfax New Zealand Ltd
(the new company name under which the business will trade), said:
“We are
taking forward a strong and successful business.
The publications are performing well and the trading outlook is
positive.
“I am
particularly pleased with the reception we have been given by the staff.
“From our
work with the senior team since we undertook this initiative in April, we
have become even more impressed with the people, the publications and the
opportunities ahead. Their
values – quality and excellence in journalism and production, strong
ties to the communities and readers they serve, and partnership with
advertisers – have long been our values.”
Mr Evans said
that Peter O’Hara will continue with the company and will serve as Chief
Operating Officer.
Fairfax New
Zealand (www.fairfaxnz.co.nz) includes two metropolitan daily newspapers
(The Dominion Post in Wellington and The Press in Christchurch), two
national Sunday newspapers (the Sunday Star-Times and Sunday News), 7
regional dailies and 53 community publications. It also publishes 13
magazine titles (including TV Guide, New Zealand House and Garden, and
Cuisine); and includes Gordon and Gotch, which distributes approximately
55% of all magazines in New Zealand, and the stuff website
(www.stuff.co.nz).
A special
message to readers and advertisers will appear in Fairfax New Zealand’s
daily newspapers tomorrow.
