Fairfax Media’s events business attracts interest from US buyer: reports

Fairfax Media’s events business is attracting interest from US buyers, its title The Australian Financial Review is reporting.

An article published by the AFR suggests the business, which runs events such as the City2Surf, Night Noodle Markets and Australian Open Air Cinemas, has been approached by US firm Motiv.

Motiv, which runs events including the Golden Gate half marathon in San Franscisco, is believed to have approached Fairfax Media earlier this month with an informal offer. According to the AFR, Fairfax’s event division, which is run by Martin Jolly, has been valued by Macquarie Equities at around $60m.

The division was previously run by former Tourism Australia managing director Andrew McEvoy, who was responsible for the company’s new business portfolio, which included events and the Life Media brands (Good Food, Drive, Traveller, Essential Baby and Essential Kids).

The reports come as Fairfax Media awaits shareholder and Australian Competition and Consumer Commission (ACCC) approval for its proposed merger with Nine. The ACCC has set November 8 as the preliminary date for its decision.

Fairfax Media declined to comment.


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