Fairfax ‘…cost management is now in our DNA’
Fairfax Media are planning to save $311m by 2015 as part of a review of their operations in print, online, mobile and radio.
Yesterday, Fairfax confirmed that revenues were down between 9 and 10 per cent in the second half, although radio was one of their strong performers.
Chief executive Greg Hywood said:
''We are confronting reality … and we are taking the actions we need to take to get through a period of transition from a legacy print business to a media company that prospers in a competitive market."
''Ongoing cost management is now in our DNA.''
Fairfax also plan to reduce duplication across the company's 7 radio stations, 431 publications, 337 websites and almost 100 apps.
Hywood revealed that overall group revenue had slipped 9% to 10% in the current half with the company's Metro Media and Regional divisions both down 11%. Domain posted a revenue increase of 16%.
Radio remained strong, up 10%.
Fairfax's EBITDA for the second half of 2012-13 would be between $129m and $135m, Mr Hywood said, against first-half EBITDA of $205.3m.
Read more in The Sydney Morning Herald here.