Fairfax Media has requested a trading halt, which is further fuelling speculation that it plans to announce it’s selling its real estate business Domain, reports AdNews.
On Monday The Australian Financial Review reported that Fairfax was seriously considering spinning off Domain into a separately-listed vehicle to be run by current Domain boss Antony Catalano.
The news of the trading halt comes as the media giant prepares to announce its half yearly financial results on Wednesday, where it’s anticipated an announcement may be made in relation to Domain.
Fairfax Media has previously declined to comment on speculation that it is considering a demerger of its Domain property listings business.
However since Catalano was put at the helm of Domain three years ago, his moves indicate he is moving towards operating Domain as a separate entity – creating a sales team outside of Fairfax and recently moving into its own offices in Pyrmont.
AFR has reported Domain could be worth up to $2 billion as a separately-listed entity and that this figure could increase if Domain splits out from Fairfax.