Syringe.Net.Nz - At Last We Get One Back

Tuesday, March 21, 2006

At Last We Get One Back - Fairfax Paid Too Much

Kiwis have a long history of paying too much for Aussie companies- Ansett and AAPT are the best examples.

I think with the TradeMe/Fairfax deal we might just get one back.

While TradeMe is no lemon (the others arguably were) I really struggle to see how they can justify the price they paid.

If you stack it against even the exorbitant per connection fees pad during the electricity market de-regulation it just seems out of whack. Does anyone know how Fairfax proposes to grow their investment? Into Australia, maybe, but certainly I see ver little opportunity for growth beyond that- even Aus will be hard work.

Rambles|Tuesday, March 21, 2006 7:12:00 PM UTC|Comments [98]|

Wednesday, March 22, 2006 5:56:25 AM UTC

Maybe it is more to do with the damage that trademe is doing to the print publications owned by fairfax.

dan

Thursday, March 23, 2006 3:03:36 AM UTC

$700 million is a huge amount of money for a defensive play though

Chris Auld

Thursday, March 23, 2006 6:56:00 AM UTC

I agree, $700M is a large amount of money. I don't think the purchase was entirely defensive through. Maybe it makes more sense long term when you consider (this is pure speculation btw):

- trade me is profitable
- the yearly revenue lost through people advertising via trademe, instead of advertising in fairfax-owned newspapers in NZ (predict less people will advertise in newspapers over time, so it will probably get worse)
- the yearly revenue lost through people advertising via trademe/ebay instead advertising in fairfax-owned newspapers in AU (moving forward?)
- being aligned with a market force that will now be doing damage to your competitors, instead of you

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