Shares in Fairfax Media Limited (ASX: FXJ) continued to rally as the Federal Court of Australia approved the media company's plans to spin off Domain.
Fairfax shares have gone from 93 cents this time last month to close on Monday at $1.11, representing a gain of almost 20% over that timeframe.
And Fairfax shares continued to lift on Monday, gaining almost 1%, as Domain was given the green light to list on the ASX.
Domain Holdings Australia Limited (ASX: DHA) is due to start trading on Thursday 16 November, initially on a deferred settlement basis.
The separation is expected to be implemented on Wednesday 22 November 2017, according to Fairfax.
While it's been a big week for Fairfax in Australia, there's also been significant developments in its New Zealand operations.
Fairfax last week completed its purchase of the website Neighbourly, which has a strong focus on local communities and provides a platform for recommendations of local services and a forum to exchange ideas.
Fairfax began investing in Neighbourly in 2014 and acquired a 100% ownership last week.
Neighbourly now has more than 500,000 members, a big jump from the 62,000 members who were participating in the website in 2014 when Fairfax started taking an active interest in the company.
Fairfax New Zealand CEO Sinead Boucher said the recent purchase is an example of Fairfax's strategy to diversify revenue streams and to "connect New Zealand communities with very local news and information".
"Acquiring Neighbourly was perhaps a risk for a business that had been focused on traditional publishing, but its undeniable success has shown us the value of exploring and developing new ways to support our core business of journalism," Ms Boucher said.
Fairfax is also awaiting the outcome of another court decision, this time in New Zealand.
The High Court in New Zealand has heard an appeal by Fairfax and NZME after the Commerce Commission blocked the companies' plans to merge as the Commission determined such a deal wasn't in the public interest.
But the media companies have stated that such moves need to go ahead as internet giants continue to encroach on their businesses.
