Estate agents take on Fairfax

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This was published 14 years ago

Estate agents take on Fairfax

By Marika Dobbin

Six of the biggest real estate agencies in Melbourne's eastern suburbs are establishing a rival to Fairfax Community Networks' Melbourne Weekly Magazine.

The agencies, in Boroondara and Stonnington, are believed to include Jellis Craig, Kay & Burton and Bennison Mackinnon, and represent about 80 per cent of the advertising revenue for the publisher's most-profitable masthead.

The agencies are believed to have said they are unhappy with poor distribution of the magazine since Fairfax switched the masthead to a new distribution venture in July that is half-owned by the publisher.

But Fairfax Community Newspapers Victorian general manager Colin Moss said distribution was a side issue.

''It is my belief their sole motivation for becoming publishers is to take the advertising profits themselves,'' he said.

''They have expressed concerns about our distribution, but I think that is just a smokescreen.''

He would not say whether Fairfax would pursue legal action, but said the company would act to protect its commercial interests.

''The Melbourne Weekly will continue to survive but it will obviously be severely impacted if this goes ahead,'' he said.

BusinessDay tried to contact the directors of the relevant agencies, which also include Marshall White and Noel Jones, but all declined to comment or did not return calls.

Another party also declined to comment.

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Documents obtained by BusinessDay show the company that will publish the new magazine, Metro Media, lists former Age property editor Anthony Catalano as a director, along with Gerald Delany, who is also a Kay & Burton director.

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Marshall White, Jellis Craig and Kay & Burton each hold 15.6 per cent of MMP Holdings, which owns Metro Media. Kirant Investments, of which Mr Catalano is also a director, will hold another 15.6 per cent.

Melbourne Weekly is published by Fairfax, which owns The Age.

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