US fund chases embattled Australian media empire

Sydney

US private equity giant TPG Capital has made an offer to buy part of Fairfax Media, reports said Sunday, after a tumultuous week for the Australian media empire with its staff striking against job cuts.
The Australian Financial Review, a Fairfax publication, said TPG had offered the group a deal that would see it take over the newspapers as well as its lucrative Domain Group focused on property advertising.
The offer would include the Financial Review, The Sydney Morning Herald and Melbourne’s The Age, the Review said, adding that the deal could be valued at some Aus$2.5 billion (US$1.9 billion).—AFP

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