ASX-listed stock market news group The Market Herald is acquiring classified advertising sites Gumtree, Carsguide and Autotrader.
The Market Herald says it is building a leading diversified media, ecommerce and financial services business reaching ten million Australian households a month.
The Market Herald has signed an agreement to acquire 100% of the shares of Gumtree Australia, and entities, for $US60m ($AUD 86.7m).
Gumtree, Carsguide and Autotrader are the largest pure play general classifieds businesses in Australia. They reach 7.5 million buyers and sellers a month, with about 37 million site visits and 120 million page impressions, with significant revenue upside compared to peers.
Jag Sanger, managing director, The Market Herald said: “We serve an affluent and engaged readership, and they are key markets for luxury goods.”
"Currently in Australia The Market Herald reaches approximately 2.5 million typically affluent consumers and investors a month, with approximately 46m page views, and 11m streaming views.
“Luxury goods retailing is changing. As luxury brands embrace digital they are looking at new channels to engage with their customers.
“Globally, business focused newspapers, such as the Financial Time and The Wall Street Journal are benefiting from this shift and are developing new digital offers to serve this market. This will become an important part of our editorial and video streaming offer.”
According to The Market Herald: “Our strategy is to build an integrated consulting, content, classifieds and streaming video finance news platform. We have operational and cultural advantages over our peers and are growing fast.”
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