Last year, research claimed real estate agents were Australia’s least trusted professionals, while the media sector was seen as the least ethical. Fitting, then, that one sector appears to be largely propping up the other.
News Corp’s REA Group was credited with the company’s strong 2024 fourth quarter results, while Nine’s Domain this week overtook its parent company in terms of market capitalisation. In our latest Paint by Numbers, Crikey breaks down the data that shows just how influential the real estate sector is on Australia’s media industry.
REA Group’s share price as of October 8, 2024, up 35.49% over the past year: $212.36
REA Group’s market capitalisation: around $28 billion
Domain Holdings’ share price as of October 8, 2024, down 15.62% over the past year: $3.24
The share price drop over the past year for Nine Entertainment Co, which owns a 60.1% stake in Domain: 37.24%
Nine’s stake in Domain: $1.2 billion
The potential price of listing a property on News Corp’s REA-owned realestate.com.au: $4,000
The earnings before tax of News Corp’s digital real estate services last financial year: $752.5 million
The eventually rejected offer made by REA Group for a takeover of British property portal Rightmove: $12 billion
The market capitalisation of New York-based private equity firm Kohlberg Kravis Roberts, which counts former prime minister Malcolm Turnbull among its advisers, and is reported to have explored a buyout for Domain Group: US$116.54 billion
Domain’s net profits excluding significant items last financial year: $49.4 million
REA Group CEO Owen Wilson’s total remuneration last financial year: $5.748 million
The value of the 38,074 shares assigned to REA Group CEO Owen Wilson (valued at $212.36, the share price at closing on October 7): $8.085 million
Domain Group CEO Jason Pellegrino’s total statutory remuneration last financial year: $2.5 million
The value of the 727,536 shares assigned to Domain Group CEO Jason Pellegrino (valued at $3.24, the share price at closing on October 7): $2.36 million
The total value of the cost cuts at News Corp Australia amid its recent major corporate restructure: $65 million
The number of jobs cut by News Corp in 2023: 1,250
The base number of jobs cut by News Corp in restructures in 2024: 100
The approximate number of jobs cut by Nine amid restructures in 2024: 200
The proportion of earnings before significant items that Domain Group contributed to Nine Entertainment last financial year: 26.3%
The proportion of earnings before significant items that digital real estate services contributed to News Corp last financial year: 35.5%
