Antony Catalano and Alex Waislitz’s Australian Community Media is selling the jewel in its property portfolio hoping to raise about $25 million and shore up its balance sheet.
ACM, whose parent in the 2025 financial year made a net loss of $7.9 million and had negative operating cash flow, is selling the former Fairfax Rural Press facility at North Richmond in north-western Sydney in two property deals.
According to a source close to the company but not authorised to speak publicly, a smaller, less valuable slice of the site has already found a buyer in a deal said to be worth about $5 million. A second, larger parcel is also for sale, comprising a 10.6 hectare estate that was purpose-built as the headquarters for The Land newspaper. ACM is seeking about $20 million.
Catalano, who is facing charges in Victoria for the assault of his wife Stefanie in March, and Waislitz bought ACM for $115 million in mid-2019. The deal included a large portfolio of property in regional and capital cities, much of which has already been sold by the pair to reduce corporate debt and fund restructuring.
According to accounts for FY25 that were lodged in April, ACM’s parent had current liabilities that exceeded current assets by $18.5 million, while net assets were $5.3 million. The parent, 20 Cashews Pty Ltd, had negative operating cash flows of $1.54 million.
Nevertheless, directors declared it was “appropriate to prepare the consolidated financial statements on a going concern basis”.
In the year, total borrowings were $63.5 million, while total assets were $120 million.
“Since ACM was purchased in 2019, we have conducted an orderly sale of all non-core, surplus assets, including real estate, which has delivered substantial monies to the shareholders,” an ACM spokesperson said.
“The business has never made a loss, including in FY2026.”
Last month this masthead reported that Catalano had beefed up his representation on the 20 Cashews board naming his 25-year-old son Luca as a director. That move levelled-up the balance of power with Waislitz representatives at the board table, which Antony stepped away from in favour of his eldest son Jordan after the assault charges were laid. Antony is now on leave as ACM executive chair.
Catalano is facing eight criminal charges in the Melbourne Magistrates’ Court. Police allege that in the domestic violence incident he swung a clothes iron at a woman’s head, unlawfully imprisoned her in the luxury apartment, threatened to stab her to death, and choked or strangled her. She was admitted to hospital with a fractured tailbone.
At the time Antony said he was “struggling with significant mental health and substance abuse issues” and entered a suburban Melbourne rehabilitation facility.
Since Catalano’s public downfall, a source close to the business but not authorised to speak publicly confirmed that Waislitz’s private investment company Thorney had received several expressions of interest in buying ACM from the pair.
This follows advances in the months before the alleged assault from billionaire businesswoman Gina Rinehart, who has also had discussions with Waislitz representatives about potentially investing in or buying ACM, which is Australia’s largest independent publisher.
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