Australian Community Media, publishers of the North West Star, has been sold for the second time in six months.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Late last year you may remember we were part of Fairfax which ended up in a merger with Nine, with the new merged organisation simply called Nine.
At the time of the merger, the Nine CEO Hugh Marks indicated he saw a lot of synergy with Fairfax's metro titles, the Sydney Morning Herald, the Age and the Australian Financial Review, because those mastheads sought many of the same national advertisers that that Nine sought.
However, he said Australian Community Media - which includes such titles as the Newcastle Herald, the Illawarra Mercury and the Bendigo Advertiser had a more regional focus when it came to advertisers and might be better served under a new owner.
There were at least a couple of bids from private equity firms, but on Tuesday Nine announced that Antony Catalano had successfully purchased the business.
The former chief executive of the Domain real estate platform and billionaire Alex Waislitz's Thorney Investment Group will pay Nine Entertainment Co $115 million for ACM's 160 regional newspapers and magazines, including the North West Star.
Mr Catalano said he and Thorney would each take a 50 per cent stake in ACM, whose name could change after the sale is finalised in June.
He also said he would likely take on the role of executive chairman of the company.
When we published the story of the deal on our website, we had people ask what did it mean for the North West Star.
My answer is we simply don't know yet. The North West Star is just one part of a 160-piece puzzle spread across Australia and no doubt Mr Catalano and the Thorley will look closely at each piece as due diligence for the sale continues.
What I do know is that the North West Star will continue to serve Mount Isa and North West Queensland as best we can in the coming months and years.
For me, it doesn't matter who the ASX thinks owns the paper.
I believe our true owners are our readers and we always serve their interests above all others.
Derek Barry
Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
