The Catalano/Waislitz consortium took its counsel from law firm Arnold Bloch Leibler and accounting and consultancy firm PricewaterhouseCoopers.
The other bidders included turnaround private equity firms Allegro Funds and Anchorage Capital Partners.
Interestingly, Fairfax paid $3.6 billion for the ACM business in 2006/2007.
There are about 170 titles in ACM’s regional portfolio, including agricultural titles such as The Land, Stock and Land and Queensland Country Life. Regional papers such as The Newcastle Herald, where reporting by Gold Walkley-winning journalist Joanne McCarthy sparked the royal commission into institutional responses into child sexual abuse, remain valued by the local communities.