RealtyCorp is born

By Leith van Onselen

Australia’s media duopoly is on its way to becoming one giant real estate fix.

Hot on the heels of Fairfax becoming a glorified real estate agent:

ScreenHunter_14429 Aug. 09 12.28

Real estate is now tipped to drive NewsCorp’s earnings growth into the future as well. From The AFR:

News Corporation chief executive Robert Thomson has tipped real estate businesses, led by REA, Move and iProperty, to become the biggest driver of earnings in the future.

The prediction came as the Rupert Murdoch-controlled company’s increase in digital real estate revenue almost offset declines in advertising sales in its news and information services business…

Digital real estate services was the only segment to report revenue growth, up 32 per cent on the prior year to $US822 million. Revenue in its newspaper business fell 7 per cent to $US5.3 billion…

“It [real estate] is expected to become the biggest contributor to EBITDA in the future thanks to the ongoing success of REA and rapid growth of Realtor.com in the US,” he said.

All hail Domainfax and Realtycorp – the new overlords of Australian media.

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Comments

  1. Have a look at the the john Oliver show from last night. Excellent story of the decline of real journalism with the death of newspapers and the transition to click bait revenue generation multi media platforms. and with the death of real journalism institutional and governmental corruption will flourish.
    There is a wonderful clip of the wealthy purchaser of a newspaper literaly giving a big F**K you to a journalist objecting to his desire to destroy real news in favor of puppy stories.

  2. AOL mergered with Time Warner in January 2000. Any spin off of Domain will be that moment.