Business Spectator on the block

Chris Zappone January 27, 2012

Australian business information and opinion website Business Spectator may be sold as part of a “strategic review,” the company revealed today.

Chairman and editor-in-chief Alan Kohler of Australian Independent Business Media, which owns the website and subscription-based online newsletter The Eureka Report, told staff today the company was undergoing a review of whether part of all of the company would be sold.

“We have had several approaches to buy our company, and the board and management have therefore decided that, rather than continue to field ad hoc offers, we should go through a proper strategic review process to clarify the position once and for all,” said Mr Kohler in a speech made to staff.

“The process is at a very early stage, but an Information Memorandum has been sent to interested parties and it could eventually result in a media company or investor buying some or all of our company - but only if we received a fantastic price," said Mr Kohler.

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A News Ltd website reported that interested parties have included Fairfax Media, Financial Times, Euromoney and Reuters.

BusinessDay understands that a number of media organisations have run a rule over the business unit's operations in recent years with no deal agreed.

A spokeswoman for Fairfax Media said the company had no comment on the sale of the rival websites.

A source close to Australian Independent Business Media denied the sale was linked to any slowdown in the business.

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Media companies have been hit by a downturn in advertising particularly as the retail and banking sectors continue to struggle.

Business Spectator was set up in 2007 as an online-only business information site. The Eureka Report is understood to be the bigger revenue generator of the two.

Business Spectator competes with Fairfax media's BusinessDay, publisher of this website.

czappone@fairfax.com.au

 This reporter is on Twitter: @chrizap