September 22, 2017 / 4:53 AM / a year ago

Australia's Fairfax Media gets approval to vote on Domain separation

Sept 22 (Reuters) - Fairfax Media on Friday said it received approval by an Australian court to hold a shareholder meeting to vote on the separation and listing of its classified ads business for properties, Domain Holdings Australia Ltd.

If the separation is approved in the Nov. 2 meeting, shareholders would receive one Domain share for every 10 Fairfax shares held, the company said in a statement.

Fairfax has been under pressure along with other traditional media companies, struggling to adapt as consumers have turned to free online classified advertising. (Reporting by Susan Mathew in BENGALURU; Editing by Tom Hogue)

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