Sounds just like the old days: You leave to set up a competitor, then sell the business back to your former employer.

But there's a twist. When Anthony Catalano hands over his remaining interest in Metro Media Publishing Holdings, he and former partners will take shares in Fairfax Media in exchange, giving him presumably, a useful interest despite the fact that 68.5 million new shares are being issued.

At the same time, Catalano has dismissed talk of Fairfax spinning off the property business, saying it is "not part of my strategy".

Fairfax announced the MMPH share deal this week, following a merger of its Fairfax Radio Network with Macquarie Radio Network, which gives its a 54.5 per cent share in the expanded radio business and $18 million cash.

In the case of Metro Media Publishing Holdings, Fairfax already owned half of the business built on the back of that created by Catalano and fellow founders, and is paying $72 million - of which only $18.5 million is cash - for the remainder. A statement to the Australian Securities Exchange says the shares would be issued after the company's half-year 2015 results in mid-February at 78 cents apiece.

MMPH is being folded into Fairfax's Domain operation, with Catalano as chief executive.

Industry group The Newspaper Works says the deal is expected to enhance the national rollout of MMPH's agent equity model which has seen success in Victoria.

MMPH has majority interests in 15 weekly premium real estate and lifestyle magazines and newspapers in Victoria, including The Weekly Review and Star Weekly, which reach around one million households, as well as digital property business reviewproperty.com.au, which combines property listings and market data with lifestyle content like restaurant reviews, schools and local services, it says.

Co-shareholders in those businesses are real estate agents who have financial interests via the MMP Group equity structure, which will continue under the new ownership based on its success for MMPH and the hundreds of agents who have invested.

Anthony Catalano founded MMP in April 2010 with the backing of real estate agents after leaving Fairfax, which he had joined as a reporter.

Fairfax acquired data and mapping provider Property Data Solutions at the end of 2013 and ACT property portal Allhomes last July. Chief executive Greg Hywood says it is "growing strongly", delivering revenue growth of 21 per cent in the first four months of the 2015 financial year.

A four-year partnership between Domain and APN Australian Regional Media covering Queensland and northern New South Wales, ended last year, with APN taking Realestate.com.au is its new partner.