“Our acquisition of BMM, represents further strategic growth for Fairfax’s regional publishing businesses in Australia,” he says.
“We welcome its staff into our company, and we will work together to continue The Border Mail’s vigorous local news reporting and participation in, and commitment to, the greater Albury-Wodonga region and its citizens,” says Kirk.
In a separate transaction, Fairfax has acquired 100 per cent of the shares in two Melbourne based companies, The Independent News Pty Limited and its associate Melbourne Community Newspapers Pty Limited for a total consideration of $15.1m.
These two companies together own five weekly community publications with a combined weekly circulation of around 190, 000 copies.
Both companies have 24.5 per cent equity stake in Border Mail Printing Pty ltd (BMP), which together with the 51 per cent share in BMP previously held by BMM, lifts the Fairfax stake in BMP to 75.5 per cent.
"The acquisition of these additional publications strongly complements the existing footprint of our Fairfax Community Network around Melbourne. The printing plant is an excellent asset that will add to our printing capabilities," says Kirk.