Television

Rupert Murdoch’s News Corp eyes SE Asian real estate market; buys iProperty for $415.44 m

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2015/11/03/tv%20people.jpg?itok=VH5TWW19

MUMBAI: Seeking a foothold in the South East Asian real estate sector, Rupert Murdoch’s News Corp's Australian real estate website company REA Group has acquired its competitor iProperty Group for approximately US$415.44 million (A$580 million and / or HK$3.2 billion).

 

With this, News Corp will have access to the property markets in Malaysia, Hong Kong, Thailand and Indonesia, where iProperty owns property portals.

 

South East Asia is underpinned by highly attractive macroeconomic factors with strong growth prevalent across the region. The real estate market is expected to continue to grow driven by expanding populations and increasing GDP per capita, with the acceleration from offline to online advertising presenting an enormous opportunity for iProperty. The company said that the acquisition of iProperty is the logical extension of REA’s business in Australia and marks the next step in its strategy to pursue strategically sound expansion into attractive markets.

 

REA CEO Tracey Fellows said, “iProperty’s Board, management and staff have done a tremendous job of building iProperty from an emerging start-up, to occupying leadership positions in its key markets. This acquisition will bring iProperty into REA’s existing portfolio of digital real estate advertising businesses, and enable the business to take the next step in its evolution.”

 

“iProperty is strongly positioned in its respective markets throughout South-East Asia and provides REA with exposure to new geographies where we can apply our experience and know-how from existing markets. This acquisition further demonstrates our commitment to international expansion, and is the next step in our growth strategy in the Asian region,” she added.

 

Under the proposed transaction, iProperty shareholders will receive Cash Consideration of A$4 per share. As an alternative, iProperty shareholders will also be able to elect Mixed Consideration comprising of $1.20 in cash and 0.7 shares in a newly formed, unlisted public company, which will own an indirect interest in iProperty. 

 

REA will fund the acquisition primarily from new debt facilities totalling A$480 million, with the remainder from existing cash reserves. REA’s leverage will be approximately 1.5x net debt / EBITDA on a pro forma FY15 basis1 but is expected to be lower by the time the transaction completes.

 

The acquisition is expected to complete during Q1 calendar year 2016 and iProperty will continue to be accounted as an associate until completion. As such, it will have little impact on EPS in FY16. On a pro-forma basis the acquisition will be mildly dilutive but iProperty is expected to continue to grow strongly and in line with iProperty’s current revenue growth guidance. 

 

The transaction is subject to a number of standard conditions including iProperty shareholder and court approval, no material adverse change and no prescribed occurrences.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/20/BIG-Magic_Akbar_Logo.jpg?itok=WhRLhaGi
Big Magic to air 'Akbar' from 20 Feb

MUMBAI: BIG Magic, a variety general entertainment channel, adds yet another unique offering to its bouquet of shows with the launch of a first-of-its-kind historic drama, ‘Akbar’.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/20/IPL-2017%20%281%29_0.jpg?itok=6bGpZAhN
IPL 2017 auction: Ben Stokes, Tymal Mills top overseas buys, Karn Sharma biggest Indian buy

England’s all rounder Ben Stokes at Rs. 145 million (RPS) followed by compatriot Tymal Mills at Rs. 120 million (RCB) were amongst the top foreign buys, while Indians player Karn Sharma was picked by MI for Rs. 35 million at the Indian Premier League (IPL) 2017 auction that began in Bengaluru...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/20/Big-Little-Lies%20%281%29.jpg?itok=T6WzQH0j
Star World Premiere HD set to air 'Big Little Lies'

Star World Premiere HD is now all set to premiere one of the most awaited series of the year –Big Little Lies on 21 February at 10 pm.

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/20/Vikas-Handu%20%281%29.jpg?itok=bzbhX7if
Vikas Handu joins India TV as VP digital strategy

Vikas Handu has joined India TV as a vice president, Digital Strategy. Prior to this he had been heading product and technology at The Indian Express group. He will report to Ritu Dhawan, MD and CEO, India TV.

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/20/Living-Foodz%20%281%29.jpg?itok=YoEyleUL
Living Foodz partners with 'All Things Nice' for the 5th Edition of 'Celebrating India's Finest'

All Things Nice hosted the 5th edition of ‘Celebrating India’s Finest’ to recognize the winners of the ‘Indian Wine Consumer’s Choice Awards’, 2017, in association with lifestyle partner Living Foodz. The premium lifestyle channel is set to bring this unique experience to it’s viewers for the first...

Television TV Channels Specialised and Niche
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/19/pepsi-ipl%20%281%29.jpg?itok=xgcsPsUr
IPL: BCCI interim admin issues directions on player auction

BCCI's Committee of Administrators (CoA) on Sunday issued the following directions in respect of the upcoming IPL Player Auctions to be held in Bengaluru on 20th February 2017:

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/19/raj-nayak.jpg?itok=D-QNNKzN
BT Media distributing Colors HD to Sky UK subs

BT Media & Broadcast, the global media services business of BT last Friday evening announced its association with Viacom18, one of India’s fastest growing entertainment network, to bring its flagship Hindi general entertainment channel, Colors, to Sky TV subscribers in the UK in High...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/17/india-tv%20%281%29.jpg?itok=HWCANXFr
India TV rules Hindi News, ABP dominates Hindi Rural

India TV toppled Aaj Tak in the Hindi News genre taking the number one position. In this week’s data, India News gave way to News18 to feature in the top five channels list.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/17/vivo%20%281%29.jpg?itok=-DHigbci
Sony Six to telecast IPL player auction live

The sports cluster of Sony Pictures Networks India (SPN) is all geared up to broadcast the Vivo IPL 2017 player auction live and exclusive. The auction will be aired from Bangalore on 20 February 9 am onwards on Sony Six SD and Sony Six HD channels.

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories