Fairfax Media and struggling publisher, PMP, have been replaced in the ASX100 by the REA Group, which owns realestate.com.au, and Trade Me, the New Zealand equivalent of ebay.
It shows the strategic errors made by Fairfax five to ten years ago, in allowing businesses like Seek, REA and carsales.com.au to grab the old classifieds business, once the 'rivers of gold'. To make it worse, REA is part-owned by News Limited, and Fairfax had to sell Trade Me recently to improve the structure of its balance sheet.