The Hannan and Fairfax families jointly controlled the business from 1985, first via John Fairfax Holdings, then via Marinya from 1987. This arrangement ends a cordial, yet eventful joint ownership, marked by an attempt by the two families to merge with troubled magazine and printing group PMP in 2001, in a deal that valued IPMG at $250 million.
The purchase not only comprises IPMG printing business, but also Eastern Suburbs Newspaper Group, FPC Magazines and NDD Distribution. Industry estimates place the price of the deal at around $150million. Other sources peg the windfall for Fairfax at closer to $300million.
According to John Fairfax, he sold the stake though his company Marinya Media after both he and his brother Tim were approached by the Hannan family.
“We received an offer from the Hannan family to acquire our equity in the Group which we consider to be in the best interest of our family,” says Fairfax.
“We leave the partnership after many happy and fruitful years. It has been a period where the group has grown significantly. We are proud to have been associated with its professional development and to have worked as two families committed to the publishing and printing industry.”
IPMG employs more than 2400 full-time staff and has annual revenues of more than $600 million.
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