Morgan & Co get extra $45m

Fairfax makes further Trade Me payout

TradeMe founder Sam Morgan, and his fellow early investors in the internet auction site, have received a further $45.2 million for the business from Fairfax Media.

Fairfax, publisher of Businessday.co.nz, Computerworld and Stuff, said today it had paid the earn-out, or additional payment, last month.

Fairfax bought TradeMe for $700 million in March 2006. However, it agreed to stump up the extra cash if TradeMe met earnings targets.

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