Fairfax Media has slipped off the ASX100 as a company it sold late last year takes its place.
In the regular rebalancing of the index, Fairfax and another struggling publisher, PMP, were removed from the index and replaced by digital media plays REA Group, who owns realestate.com.au, and Trade Me, the kiwi auction site Fairfax sold to shore up its balance sheet in December.
REA is part-owned by Fairfax rival News Limited.
The changes take effect from March 15. Fairfax’s share price is down to 57 cents, down 1.39% on yesterday’s clsoing price. This gives it a market capitalisation of $1.33 billion.
In August 2012, Fairfax’s market cap fell below $1 billion.