MELBOURNE May 19 U.S. buyout firm TPG Capital
Management on Friday said it would make a commitment to
editorial independence if it succeeded in its A$2.76 billion
($2.05 billion) offer for Australia's oldest newspaper
publisher, Fairfax Media Ltd.
"I am here to assure you that, in the event TPG and its
partners are fortunate enough to acquire Fairfax, we will be
responsible stewards of those assets, from a journalistic
perspective as well as a financial one," TPG Head of Australia
and New Zealand Joel Thickens told a senate inquiry into the
future of public interest journalism.
His comments came a day after a second U.S. private equity
firm, Hellman & Friedman, made a takeover proposal for Fairfax
worth as much as A$2.87 billion. Both suitors have
been offered access to due diligence.
($1 = 1.3479 Australian dollars)
(Reporting by Jamie Freed; Editing by Stephen Coates)