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Fairfax Media to cut 550 jobs in Australia, NZ

Fairfax Media to cut 550 jobs in Australia, NZ

Australia's Fairfax Media Ltd. said Tuesday it would cut 550 jobs, or 5 percent of its work force, under a new business improvement plan that will save about 50 million Australian dollars (US$43 million) a year.
In a statement, the company said 390 of the cuts would be in Australia and 160 in New Zealand.
"Media companies fit for the modern media world need to be lean and agile," CEO David Kirk said in the statement. "This far-reaching program will position us well for the next stage of our growth and development."
Fairfax will book a one-off charge of about A$50 million for redundancy and associated costs, it said.
Kirk said the new program is the third wave of business improvement initiatives the company has undertaken over the past three years.
Fairfax has been expanding away from its traditional metropolitan newspapers, which include The Sydney Morning Herald and The Age newspaper in Melbourne, in an effort to diversify its earnings base.
The cuts will encompass Fairfax's corporate division, and publishing and printing businesses in both countries. Kirk said 30 percent of the jobs would be in the editorial side of the business.
New Zealand Chief Executive Joan Withers said about 60 of the jobs there have already gone through "attrition" or are under way.


Updated : 2021-10-19 07:19 GMT+08:00