Real estate entrepreneur Antony Catalano and financial backer Alex Waislitz will exclude their publishing business from an ASX listing as part of a lengthy proposal involving the takeover of multiple assets and a front company that once owned the regional broadcaster Prime Media Group.
Mr Catalano is expected to increase his stake in classifieds firm Real Estate View to 72% by the end of the week as he prepares to bring together a range of companies controlled by an investment vehicle, IMP, and list them on the ASX by the end of it. of this exercise. Mr Catalano said he could offer investors a competitive alternative to real estate giants News Corp’s REA Group and Nine Entertainment Co’s Domain.
But the couple’s regional publishing company, Australian Community Media, which hosts Canberra time and The Newcastle Heraldwill not be listed, according to a proposal that is expected to be discussed with the board of directors of PRT Company Ltd (formerly Prime) in the coming weeks.
Details of his plan were revealed after The Australian Financial Review reported earlier this month that Mr Catalano, former CEO of real estate listing portal Domain, was pursuing an ASX listing for the second time. Mr. Catalano was CEO of Domain when it went public in 2017. He abruptly left the company two months later.
“The plan has always been to build a diversified business of media, digital and agent real estate services,” Catalano said at that masthead. “In my opinion, the total transaction value of real estate in Australia exceeds $250 billion a year.”
Mr. Catalano and Mr. Waislitz lead the investment vehicle IMP, which owns 32% of the Real Estate View advertising portal, 30% of the advertising group Tomorrow Agency / Media Plus and 25% of The Today Business, which specializes in advertising for developers and residential businesses. Real Estate View’s board of directors is expected to vote Feb. 3 to determine whether Messrs. Catalano and Waislitz will rise to 72% in exchange for $75 million from marketing and promotion teams.
Mr. Catalano is also involved with Apartment Developments, a website run by his son, Jordan Catalano, and Tom Hywood, the son of former Fairfax Media boss Greg Hywood. These companies, run from the same office in Cremorne, Melbourne, are expected to be consolidated into a single entity and listed as part of plans to be discussed with the board of what was once Prime Media Group. Mr Catalano also has a 30% stake in property tech start-up Propic.
Public listing of the newspaper’s assets alongside property businesses was considered when Mr. Catalano and Mr. Waislitz hoped to take over Prime in 2019, but there are currently no plans to do so. Seven acquired the regional broadcaster and its name for $131.9 million late last year. Mr Catalano held talks with Southern Cross Media Group over the acquisition of its regional television assets, which ended in a disagreement over the price. The publishing business will remain a private, subscription-driven entity.