Antony Catalano says he wouldn’t have offered a $115m media commercial enterprise if he didn’t plan. But our most modern media-wealthy person is reluctant to spell out how he’ll flip one hundred sixty local and rural mastheads whose advertising sales have collapsed into a thriving media empire.
That was the question many asked since closing week when the former Domain boss teamed up with the billionaire Alex Waislitz to shop for Australian Community Media from Nine Entertainment. They paid a fragment of the $3bn charges Fairfax Media paid for it in 2007, and it got here with a property portfolio worth $60m.
Much of rural and nearby print media, along with mastheads with a record of public interest journalism, the Canberra Times, the Illawarra Mercury, and the Newcastle Herald, is in his palms. The package covered 130 community-based websites and agricultural publications, including The Land, Queensland Country Life, and Stock and Land.
As he’s recognized in the industry, the Cat has an excellent music document in driving sales, largely around the belongings marketplace in Sydney and Melbourne. The former journalist turned Fairfax’s Domain belongings pages into a thriving profit center before he left the business enterprise to build his hit property magazine. He then returned to Fairfax to persuade Domain through a $2.3bn flow.
But he has additionally weathered a tumultuous 18 months, which saw him resign from Fairfax quickly after the glide handiest to stand allegations he ran a “boys’ club” at Domain, an accusation he rejects.
He jokes that he is now the focal point of high-quality media memories and high-quality demand after a “hurtful” duration of terrible press fuelled by way of enemies’ interior Fairfax.
He knows he wants to change the name of his acquisition but insists he won’t use his surname.
“I gained’t be calling the business’ Cat B Fairfax,’ that’s for sure,” he says about the preceding Rural Press proprietor John B Fairfax. Instead, he’ll discuss with personnel about a brand new name.
Can he rescue the enterprise as John B did while he stored Rural Press after Warwick Fairfax’s disastrous privatization of the family business in 1987? The nearby communities the papers serve and the 1,500 personnel, including 650 editorial employees of Australian Community Media, are truly hoping so.
Catalano says a credible information carrier is important to making the organization worthwhile. “I suppose news is crucial because if we do it well, no one else will do it better than us,” he says. “The metropolitan media is by no means going to have to get entry to the neighborhood information in those regions.
“As a patron, I am interested in news that’s relevant to me, and I’m interested in information at a country-wide level. If whatever, we need to be capable of providing neighborhood information to the national media.
“For instance, if we are covering a big story, why wouldn’t the metro media take a feed from the Border Mail? The metro media are truely now not going to send someone to cover it.”
Catalano says he’s going to develop revenue through a virtual enlargement of the in large part ignored titles; however, he hasn’t worked out how and asks hypothetically, “How do you fund journalism?”
“I’m truly grappling with the right version for subscription for virtual newspapers,” he says. “TV and radio you don’t need to pay for. I’ll be saying to the groups, ‘As a neighborhood resident, we want your assistance as nicely.'”
He is looking at a subscription model, just like the loose-to-air’s streaming offerings, which collect reader records for targeted advertising instead of placing up a paywall.
“When I communicate about enlargement, I am speakme approximately diversifying the business,” he says. “I can’t hire more human beings until we develop the commercial enterprise.
“Is the Border Mail going to return to its halcyon days? Now not. But can it, via a combination of newspaper, virtual, and news alerts, have a broader target audience than ever? Absolutely.”
Catalano is upfront about the chance of a few pain and admits that many titles won’t live on because they “make no feel.”
“It might be a lie to suggest that some groups won’t need to shut,” he says. “I don’t have any concept what they’re proper now. Over time, things alternate. If you manufacture widgets and don’t promote them, one of the widgets inside the variety will be discontinued.
“Why would ten reporters lose their jobs because one newspaper becomes draining the life out of the others? We must work collectively to ensure that we’ve got sturdiness.”
The Melbourne-primarily based Catalano, whose already massive family of eight kids is about to turn out to be 9, has months before an agreement on 1 July to nut out the details. The transitional income agreements cover intervals of six to twelve months and cover which content material management device to use, the fee structures, the operating structures, and the destiny of replica-sharing arrangements with Nine Entertainment.
Morale improves wanted
He isn’t making plans to assemble everybody within the commercial enterprise; however, his communication method is a concern to enhance morale.
“There are ninety websites,” he says. “I could do onedaily for the nextt three months if I visited them all.”
Catalano says ACM made no sense as a part of Nine with its national income market; however, there may be a possibility to grow in his palms.
“What level of attention would it not have been given at Nine?” he asks. “It was better for Nine to dump it. It’s an amazing commercial enterprise for someone who wants a clear run at it.”
Catalano says the mastheads want some love after years of being at the lowest of the pile in a media empire in which the Sydney Morning Herald and the Age had been on the pinnacle. He is reluctant to mention the previous Fairfax chief, Greg Hywood, who left Australian Community Media. However, he does say the titles weren’t nurtured inside that structure.
“You have a look at a commercial enterprise and decide the priorities,” Catalano says. “ACM turned into low down the rating at Greg Hywood’s Fairfax. They got the eye they deserved in a massive enterprise, but now I can study them intently.”
Plenty of capability
Catalano is obsessed with the potential eight million readers he has inherited and points to Boomtown, an advertising collaboration among Southern Cross Austereo, Win, Prime Media Group, Australian Community Media, Imparja, and Grant Broadcasters to promote local media.
Boomtown is a 1,000,000-dollar marketing campaign to sell neighborhood media in areas where 36% of Australians live; however, the handiest appeal to 10% of media business enterprise budgets.
“I wouldn’t be spending $115m without a plan,” Catalano says. “With 8 million human beings, you can make a big sale. Deals like this don’t come along very regularly.
“There aren’t many human beings within the media – other than Hywood – who’ve had an opportunity to be paintings as reporters, in advertising, as an advertising director, as trendy real estate manager,” Catalano says. “I even have had the variety and extraordinarily broad enjoy.
“I just like the fact I can tackle an article venture, a digital media challenge, an advertising and marketing project, a circulate mission.
“It shouldn’t be a wonder to everybody that I’m here. I suppose it’s a good buy.”