Fairfax Media spiraled into decline as a series of Boards of Directors misunderstood or just ignored technological changes, as they maneuvered for perceived political and commercial influence. The cost cutting, centralisation and redundancies which resulted from this decline, may have saved money but they also squandered the news group’s intangible but critical advantages. It seemed that the Boards didn’t really know what made Fairfax unique.
Australia’s leading quality press, Fairfax newspapers, have taken a big step towards becoming a virtual news group.
Fairfax Media, which published the Age, the Sydney Morning Herald and the Australian Financial Review, today announced the closure of its major printing presses and dumping the traditional broadsheet format, while foreshadowing more than 1900 redundancies.
The impact of today’s announcement reflects the narrow ownership of Australia’s news media. Fairfax may be centred in only Sydney and Melbourne, but it represents a liberal alternative to the dominant Murdoch press and the government funded Australian Broadcasting Corporation. More…