Fairfax Media expects Domain to begin trading in mid-November after it separately lists the real estate classifieds and services business, the AFR reports.
Fairfax released details of the spin-off following the release of their full year results, which saw the publisher report a net profit of $84 million. Fairfax also reported a six per cent reduction in operating costs, thanks to cost reduction measures and job cuts.
The publisher confirmed Domain will be spun out of Fairfax by November.
Domain delivered 19 per cent growth in digital revenue and a 12 per cent fall in print ad revenue.
Fairfax plans to retain a 60 per cent stake in Domain, with the remaining 40 per cent distributed to Fairfax shareholders. Former Network Ten CEO Nick Falloon will be chairman of Domain.
“Today’s result shows Fairfax is in great shape. We have delivered strong value for shareholders through growth and transformation initiatives,” Fairfax chief executive Greg Hywood said in a statement.
