May 19, 2017 / 5:17 AM / in 8 months

TPG commits to editorial independence if it wins Fairfax Media bidding war

MELBOURNE, May 19 (Reuters) - 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)

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