The Australian property portal Real Estate View is to enter into a partnership worth a reported $100 million with the publishing company Australian Community Media which boasts 130 media titles with property sections across the country.
ACM will reportedly take a 60% stake in the joint venture, with its Executive Chairman Antony Catalano (a former Chief Exec of Domain Group) and his business partner Alex Waislitz having already secured a 26% stake in Real Estate View back in February. Speaking of the joint venture, Catalano said:
“The reason we're doing this is to create a new revenue stream for our business. Every good media business has a revenue arm that props it up and keeps it viable. In our case, the one thing we didn't have was our own classified revenue stream.”
With Real Estate View replacing number two portal Domain as the brand behind property listings across ACM’s network the media landscape down-under looks somewhat more balanced as portal leader REA has ties with News Corp, Domain has ties with Nine Entertainment, and now Real Estate View can look to the more rural markets served by ACM.
"We play in the regional space on our own pretty much. We've got great assets, like the Wagga Daily Advertiser is 136 pages this week,” added Catalano.