What Fairfax said in their annual report

Fairfax Media released their annual report today.

In the report, Chairman Roger Corbett said, "Our radio business has new management that is vigorously engaged in growing the business" suggesting they intend to keep the radio business.

He also said, "It has been an interesting and challenging year for your company. I am pleased to report that we have made very good progress with our strategic initiatives to reduce our cost base significantly and to transform our business to take advantage of the digital developments that allow us to compete more and more effectively in real time and multiple media."

Also within the report, CEO and Managing Director Greg Hywood said…

"While we still have a lot of work to do, Fairfax is more progressed than any other media company in Australia – and most others in the world – in terms of transitioning into a truly modern world-leading, multi-platform media business."

"…none of us underestimated the enormity of the changes we are making. Fairfax has a strategy and is delivering on it to ensure we remain a leading independent media company"

See the full report here
Read more in The Australian here