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In a statement to the ASX this morning, Fairfax Media chief executive Greg Hywood said the sharing arrangement would save the company $15 million in the latter half of the 2019 financial year. “The printing arrangements make the production of newspapers more efficient for both publishers. These are landmark initiatives,” Mr Hywood said. “They demonstrate a rational approach to the complex issues facing the industry.” Newspapers and other older media are faced with an advertising revenue collapse due to the growing dominance of digital giants Google, Facebook and Amazon. Both Fairfax Media and News Corp have shed thousands of jobs in recent years to find efficiencies in the face of the advertising decline and changing reader habits. Despite the latest landmark changes, Mr Hywood said the deal would not change the availability or distribution of Fairfax Media newspapers but “enable us to produce newspapers well into the future”. In recent years, when questioned about the future of published editions of key metropolitan mastheads, Mr Hywood has said weekday editions of The Age and The Sydney Morning Herald would continue to be printed as long as they remain profitable. News Corp Australasia executive chairman Michael Miller said the deal with Fairfax demonstrates confidence in the future of printed newspapers. “As a publisher, we have absolute confidence in the ongoing significance of newspapers,” he said. Within this framework, we need to continue to look at the most effective and efficient ways to produce newspapers.
For the original version including any supplementary images or video, visit https://thenewdaily.com.au/money/finance-news/2018/07/18/rivals-agree-share-print-facilities-offset-newspaper-decline/
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