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/2017/03/30/Rjavardhan-rathor-800x800.jpg?itok=7L54blPR
Govt wakes up to broadcast tech changes, Prasar manpower audit under way

NEW DELHI: Even as the government admits to shortage of staff in the public service broadcaster Prasar Bharati, there is a need to re-assess actual requirement of staff keeping in view changes in broadcast technologies. Minister of state for information and broadcasting Rajyavardhan Rathore told...

Television TV Channels Terrestrial
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/30/TV5.jpg?itok=E3bUj0rv
TV5 launches devotional channel in AP & Telangana, DTH dist plan under way

MUMBAI: South India’s one of the leading news network Shreya Broadcasting on 29 March launched its devotional and spiritual channel ‘Hindu Dharmam’ on the occasion of Ugadi – Telugu new year. The test signal of the new devotional channel is on. Channel’s distribution work is in full swing. Apart...

Television TV Channels Specialised and Niche
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/30/Sun%20tv.jpg?itok=nCbLb9ok
Sun TV picks up India, Lanka pay-TV rights for 'Yoko', Jetpack seals deals with global b'casters

Global distributor, Jetpack Distribution, announced on 28 March, 2017, that it has inked multiple broadcast agreements with leading channels around the world for their pre-school children’s hit, YOKO.

Television TV Channels Regional
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/29/go%20%281%29_1.jpg?itok=7-Er07kN
GoQuest Media to globally distribute Cinema Vision content

GoQuest Media Ventures, a distributor of international content to television channels and digital platforms, has joined hands with Cinema Vision India (CVI) promoted by Siddharth Kak to facilitate distribution of content globally.

Television TV Channels Factual & Documentary
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/29/kabbdi%20%281%29.jpg?itok=BcYw-qV-
Pro Kabaddi: Mashal Sports invites tenders to own & manage new team

Mashal Sports, in which Star Sports owns 74% stake, has, pursuant to the Invitation for Expression of Interest dated 29 March 29, has called for expressions of interest (“EOI”) to be submitted by eligible persons, fulfilling the criteria provided for in the Invitation, who wish to participate in a...

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/29/Arun-puri.jpg?itok=89_3x-2M
India Today Online is TVTN's wholly-owned subsidiary now

MUMBAI: India Today Online Private Limited (ITOPL) has now become a wholly-owned subsidiary of TV Today Network Ltd. India Today Online, on 28 March 2017, issued and allotted 1,99,20,000 equity shares of Rs. 10 each to Living Media India Limited (LMIL) which constitutes 21.01% of the paid-up share...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/29/FREEDISH-STB.jpg?itok=l__8ZZuS
FreeDish iCAS STB: Modern Comm, Velankani, BGM, KMTS & Millennium OEMs shortlisted

NEW DELHI: Five companies including two from Delhi have been shortlisted as original equipment manufacturers for set-top boxes for Doordarshan’s FreeDish on the Indian Conditional Addressable System (iCAS). This follows the opening of e-tenders on 9 December 2016 after which these OEMs were found...

Television TV Channels Terrestrial
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/28/barck%20%281%29.jpg?itok=eWIvgkHj
BARC India formally sets up independent council to probe viewership malpractices complaints

BARC India has set up an independent disciplinary council to further strengthen transparency and credibility of its measurement system.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/28/Jim-Gianopulos.jpg?itok=N-QHfz2Z
Viacom names Gianopulos CEO of Paramount Pictures

MUMBAI: Viacom Inc. has announced the appointment of Jim Gianopulos as the chairman and chief executive officer of Paramount Pictures, effective 3 April, 2017. Gianopulos will report directly to Viacom president and CEO Bob Bakish.

Television TV Channels People

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories