Media News - Tuesday, August 26, 2008
Australia’s Fairfax Media cuts 550 jobs
Australia's second largest press group Fairfax Media announced Tuesday it would slash five percent of its workforce, or 550 jobs, as part of a plan to save AUD 50m (EUR 29m). Unions said the redundancies in Australia and New Zealand would affect around 180 journalists in the group that publishes the flagship Sydney Morning Herald and The Age newspapers. The cuts, part of a restructuring after Fairfax last year merged with the Rural Press group and acquired a major broadcasting company, will affect editorial, printing, maintenance, paper and fitting staff. The measures will deliver around AUD 50m in annualised savings, with AUD 25m expected to be reflected in 2008/09 annual results. (AFP)
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