Fairfax release full year results
Fairfax Media have reported a $2.732 billion net loss after a $2.789 billion writedown on assets.
The loss is down from the previous years $390 million loss.
Revenue was $2.328 billion, down 6%.
On the performance of Fairfax Radio, Chief Executive and Managing Director Greg Hywood said…
"The performance of Fairfax Radio was undermined by a disruptive sale process and management changes. Regional Radio was divested in October 2011. Adam Lang was appointed the CEO and is leading the turnaround of the business. The performance of all stations is now recovering and we anticipate a much improved performance in the 2013 financial year."
Revenue for Fairfax Radio dropped by 13% to $97 million, underperforming a flat metropolitan radio advertising market.