Fairfax fairly fucked

The announcements today by Fairfax are massive. In summary, they are:

  •  The Sydney Morning Herald and (Melbourne) age to move to tabloid format on 4 March 2013
  • SMH and Age websites have most content go subscription only
  • Two printing facilities to close
  • 1,900 staff to be let go over three years
  • A$248m of restructuring costs, which will lead to A$215m annual savings
  • Sale of 15% of Trade Me for A$160m
  • Metro newspapers may go digital only (no print edition) if print advertising and circulation revenue declines materially

It will be interesting to see what happens to in New Zealand.

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