Fairfax sells US farming titles
Fairfax sells Farm Progress to Penton
Fairfax Media Limited has sold its specialist US agriculture media businesses to Penton Media for almost $80m.
Fairfax’s Rural Press (USA) Ltd sold Farm Progress and Miller Publishing Company for AU$76m, or US$79.9m.
Farm Progress operates various agricultural assets as well as leading agricultural trade shows.
Rural Press owns Australian-focused agricultural titles The Land, Stock and Land, Farm Weekly, Stock Journal and Queensland Country Life.
It purchased Farm Progess and Miller Publishing in 1997.
Penton, is owned by MidOcrean Partners and Wasserstein & Co private equity firms.
Fairfax said that the cash would used to “strengthen” its balance sheet.
