Billionaire Alex Waislitz financed half Antony Catalano’s acquisition of regional newspapers from Nine.
Waislitz, who built his fortune as a stock picker, says his ASX-listed Thorney Opportunities took a 25% interest in Australian Community Media (ACM) in the $115 million purchase in April.
His associated privately-owned Thorney Investment Group then took another 25%, leaving the former Domain CEO Catalano with 50%.
“While it is very early days, we are very excited about the opportunities presented by TOP’s participation in the acquisition of ACM,” Wailitz told the ASX.
“We believe that the combination of Thorney’s investment management expertise and Antony Catalano’s proven ability to create value from media assets will result in considerable upside for TOP investors over time.”
ACM consists of more than 160 regional titles including The Canberra Times and The Newcastle Herald. The papers were sold to Antony Catalano by Nine after its merger with Fairfax Media.
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