“John Fairfax wasn’t saying much about a reputed leak from inside the company
about an $8 million budget shortfall for the Herald and The Age that could prompt further cost-cutting at the papers.

“So far, the company has not informed the market of any change to its outlook
but the last public comment from outgoing chief executive Fred Hilmer last
month was that it was too early to provide meaningful guidance anyway.

“Fairfax commercial director Alan Revell reportedly sent an email to divisional
heads telling them the budget shortfall meant more belt tightening.

“Mr Revell wouldn’t comment yesterday and Fairfax spokesman Bruce Wolpe said
there was ‘absolutely no adverse news to be reported to the market and it would
be a mistake to draw any such inferences from the Crikey report.”

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Peter Fray
Peter Fray
Editor-in-chief of Crikey
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