Fairfax confirms review of Trade Me

Status of auction site is being reviewed, company confirms

Fairfax Media has confirmed that it is conducting a strategic review of its business, amid suggestions that Trade Me may be sold. Fairfax Media's general manager for investor relations, Frank Sufferini, told Radio New Zealand that Trade Me was being reviewed alongside other parts of the firm's business. The move follows an announcement that Fairfax will sell some of its radio stations in Australia. Australian media have suggested Trade Me will be sold, or that Fairfax may consider a partial share float. Analysts have valued Trade Me at NZ$1.3 billion to NZ$2 billion. It has 2.7 million registered traders and employs 190 staff. Fairfax bought Trade Me for NZ$700 million in 2006 in a deal cut by the company's chief executive at the time, David Kirk. Trade Me founder Sam Morgan is on the Fairfax board. Fairfax Media is the publisher of Computerworld, the Stuff website and many newspapers throughout New Zealand.

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