US real estate firm CoStar to buy Australia's Domain in a $1.9 billion deal
May 9 (Reuters) - Australia's Domain Holdings (DHG.AX), opens new tab said on Friday U.S. online real estate firm CoStar (CSGP.O), opens new tab would acquire the property classifieds company for an implied enterprise value of A$3 billion ($1.92 billion).
Under the deal, CoStar and its unit, which already owns a 16.9% stake in Domain, will acquire the remaining shares in the company at A$4.43 apiece, a 4.2% premium to the stock's last closing price on Thursday.
Domain may also decide to declare a special dividend of up to A$0.10 per share, which will reduce the deal value by that amount, it said.
The deal marks CoStar's first foray into the Australian market and could transform the landscape in a sector where listing volumes have sagged as high living costs slowed the country's hot housing sector but are improving with interest rates coming down.
Domain's board has unanimously recommended that shareholders vote in favour of the proposed deal, which is also subject to Foreign Investment Review Board (FIRB) approval.
Domain's 60% owner, Nine Entertainment (NEC.AX), opens new tab, said in a separate statement that the deal "appropriately reflects the strategic value" of its interest in Domain and it intends to vote in favour of the deal in absence of a superior offer.
($1 = 1.5640 Australian dollars)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
an hour ago
- The Independent
‘Significant challenges' in use of AI within UK screen sector
The use of artificial intelligence (AI) within the UK screen sector raises 'significant legal, ethical, and practical challenges' such as the use of copyrighted material being used without the permission of the rights holders, a report has warned. Other issues highlighted by the British Film Institute (BFI) report include the safeguarding of human creative control, the fear of jobs being lost as positions are replaced through the use of AI, and investment in training in new skills. High energy consumption and carbon emissions, and the risks to creative content around biased data, are also described as being of concern. The report, which has been carried out in partnership with CoSTAR universities Goldsmiths, Loughborough and Edinburgh, analyses how the screen sector is using and experimenting with rapidly evolving generative AI technologies. It warned that the 'primary issue' was the use of copyrighted material – such as hundreds of thousands of film and TV scripts – in the training of generative AI models, without payment or the permission of rights-holders. 'This practice threatens the fundamental economics of the screen sector if it devalues intellectual property creation and squeezes out original creators,' the report said. But it added that the UK's strong foundation in creative technology – as it is home to more than 13,000 creative technology companies – means that the UK screen sector is well positioned to adapt to the technological shift. The report – titled AI in the Screen Sector: Perspectives and Paths Forward – said generative AI promises to democratise and revolutionise the industry, with the BBC, for example, piloting AI initiatives. Meanwhile, projects such as the Charismatic consortium, which is backed by Channel 4 and Aardman Animations, aim to make AI tools accessible to creators regardless of their budget or experience. It said this could empower a new wave of British creators to produce high-quality content with modest resources, though concerns about copyright and ethical use remain significant barriers to full adoption. The report sets out nine key recommendations it suggests should be addressed within the next three years to enable the UK screen sector to thrive in using AI. These include establishing the UK as a world-leading market of IP licensing for AI training, and embedding sustainability standards to reduce AI's carbon footprint. It also calls for structures and interventions to pool knowledge, develop workforce skills and target investments in the UK's creative technology sector, while it urges support for independent creators through accessible tools, funding and ethical AI products. The BFI's director of research and innovation, Rishi Coupland, said: 'AI has long been an established part of the screen sector's creative toolkit, most recently seen in the post-production of the Oscar-winning The Brutalist, and its rapid advancement is attracting multimillion investments in technology innovator applications. 'However, our report comes at a critical time and shows how generative AI presents an inflection point for the sector and, as a sector, we need to act quickly on a number of key strategic fronts. 'Whilst it offers significant opportunities for the screen sector such as speeding up production workflows, democratising content creation and empowering new voices, it could also erode traditional business models, displace skilled workers, and undermine public trust in screen content. 'The report's recommendations provide a roadmap to how we can ensure that the UK's world-leading film, TV, video games and VFX industries continue to thrive by making best use of AI technologies to bring their creativity, innovations and storytelling to screens around the globe.' Professor Jonny Freeman, director of CoSTAR Foresight Lab, said: 'This latest CoSTAR Foresight Lab report, prepared by the BFI, navigates the complex landscape of AI in the screen sector by carefully weighing both its transformative opportunities and the significant challenges it presents. 'The report acknowledges that while AI offers powerful tools to enhance creativity, efficiency, and competitiveness across every stage of the production workflow – from script development and pre-production planning, through on-set production, to post-production and distribution – it also raises urgent questions around skills, workforce adaptation, ethics, and sector sustainability.' CoSTAR is a £75.6 million national network of laboratories that are developing new technology to maintain the UK's world-leading position in gaming, TV, film, performance, and digital entertainment. Last month stars including Sir Elton John, Sir Paul McCartney and Sir Ian McKellen, wrote a joint letter to Sir Keir Starmer, urging the Prime Minister to introduce safeguards against work being plundered for free.
Daily Mail
an hour ago
- Daily Mail
The must-have $20 item from Bunnings every driver needs: 'Total game changer'
A newly launched storage item has solved the common driver gripe of having random items rolling around in the car boot - and it only costs $20. Bunnings Warehouse have released the Trojan Boot Organiser, which is designed as a storage solution to keep 'your car belongings neat, organised, and secure'. It's the width of a car boot and features different sized open pockets and flapped pouches to hold a variety of different items. The hardware store showcased the storage gadget in a new Instagram video captioned: 'From chaos to clean. This organiser is a total game changer for keeping your boot neat and tidy always.' The overlaid text adds: 'This is your sign to organise your boot.' The video demonstrates how the vertical storage device can be filled with various items that would commonly be stored loose in the back of a car. This also frees up additional space in the boot, which would make it helpful for road trips. In the clip, the product was used to store packet of wipes, a sunscreen tube, a first aid kit, an umbrella and even trendy oversized water bottles. The Trojan Boot Organiser, $20, is available at Bunnings and is a space-saving storage solution for items that would normally be stored loose in the back of a car The item can be used by hanging it off the head rests of the car's back seats via straps, so it hangs flush onto the back wall of the boot. In the comments, one person helpfully suggested that the organiser could also be a useful spot to store reusable shopping bags for supermarket trips. The organiser is made from durable polyester an it also comes with a rare lifetime warranty. The product description says the storage device is 'easy to install in most vehicles'. Trojan Tools, the brand behind the organiser, jumped into the video comments section to declare the new item as 'the best'. Priced at only $20, this is certainly an affordable way to add extra storage areas inside your car. The latest cheap car organisation upgrade comes after shoppers recently discovered a 'life-changing' $6 pop-up bin for the car. Perfect for all the wrappers, cups, crumbs and other bits and bobs that end up on the floor for months, this little beauty was dubbed a 'must' by hundreds of shoppers. The space-saving bin is easily installed behind a seat in your vehicle and is large enough to be useful yet small enough to avoid being an eyesore at 19cm x 16cm. The little black bin has been an unlikely hit, with a near clean sweep of five-star reviews. 'Game-changer for the car... love this,' one shopper wrote. 'Definitely helps keep the car tidy and a nice size that doesn't take up too much room,' another added. 'Works great! I have it sitting in the middle seat [as an] organiser for the kids! Fits small bags and does a great job,' one more said. It's not the first mini car bin to capture the attention of Kmart customers though, with a 'car trash can' for the centre console proving popular earlier this year. The compact $5 tube is black, stamped with the word 'push' on the lid, just like a regular-sized push-top bin. Ideal for disposing of wrappers and waste on the go, the lightweight design is 20cm x 7.8cm and fits in most car cup holders. Alternatively it can be placed in the side doors or in the middle of the two back seats for passenger use. The buy landed as part of a wider car range at Kmart, which includes a $5 car safety pack and a $5 car snack holder.
Daily Mail
7 hours ago
- Daily Mail
Kanye West's wife Bianca Censori sets up her own companies in mystery solo venture
is reportedly stepping out from Kanye West 's shadow as she set up her own business in a mysterious solo move. The 30-year-old architect has launched her own company in the U.S., Bianca Censori Inc., according to the US Sun, with the disgraced rapper, 47, listed as its director. She has also reportedly registered a firm in Australia - simply named Bianca Censori - which operates out of the Melbourne suburb of Alphington, where her parents live, with hints that the business may be a cosmetics brand. has reached out to a representative for Bianca and Kanye for comment. The new companies appear to be the first signs of Bianca taking the lead on a project, as she reportedly registered her eponymous brand in California in May. She previously worked as an architect for his Yeezy brand beginning in 2020, and they married two years later. Although she is listed as the CEO and secretary for Bianca Censori Inc., Kanye is reportedly listed on the registration as a director of the company. He's also connected via his attorney, Manoj Shah, who is providing legal services for Bianca's company. So far, there are few details about exactly what Bianca plans to do with the companies, however, the paperwork reportedly indicates that Hussein Lalani is working as the chief financial officer, and Lalani is known for promoting cosmetics. He is the founder of the skincare company Zensa, which offers microblading products, home tattoo kits, and accompanying numbing creams. Hussein Lalani reportedly advertised that Kanye planned to release the cryptocurrency 'meme coin' $YZY, which was initially described as a way to pay on the rapper's Yeezy website. Despite Hussein's press release, which indicated the crytopcurrency would begin selling on February 27, the release was inexplicably delayed inevitably. Lalani allegedly came into the famous couple's orbit after he met the couple at the West Hollywood condo they lived in last year. He's also reportedly listed on the corporate statement of information at the same address as the condo building.
