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Stan co-parent subject of A$2.8bn bid

Fairfax Media, which owns a 50% stake in Australian SVOD service Stan, may be sold for around A$2.76 billion (US$2.05 billion).

Financier TPG Group, which owns stakes in STX Entertainment and US Hispanic broadcaster Univision, is looking to buy 100% of the Sydney-based media and publishing group for around A$1.25 a share.

TPG is leading a consortium that also includes Ontario Teachers’ Pension Plan Board on the all-cash deal, which has been revised after a first bid was turned down.

Fairfax owns the Syndey Morning Herald newspaper, radio assets and a New Zealand-focused business, but is best known in TV circles as a 50% stakeholder in Netflix Australia rival Stan.

Fairfax created the streamer with Nine Network back in 2014. Stan now operates on acquisitions and originals such as Wolf Creek.

TPG has also been linked with a 10% stake in youth-skewed Vice Media.