Domain gets new status within Fairfax Media
Staff ReporterDecember 7, 2020
Fairfax Media will write down the value of its publishing assets by close to $1 billion and will separate its Domain Group into a new reporting unit.
Domain has been recently housed with Fairfax's Australian Metro Media business.
Fairfax said that accounting standards have not allowed Fairfax to recognise the value of Domain, so its new reporting segment "made sense."
"Domain makes a significant earnings contribution and remains an integral and growing part of Fairfax. We have no plans for that to change," Fairfax chief executive Greg Hywood said.
Fairfax made the announcement ahead of its financial results which will come August 10.
More than 50 percent of Fairfax Media’s first-half earnings came from the online real estate business, the biggest contributor to the media group’s total six-month earnings of $98.6 million.
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