Fairfax unveils paywalls, flags more job cuts. Fairfax Media has announced it will introduce metered paywalls on The Age and The Sydney Morning Herald websites on July 2. Visitors to the popular sites will have access to 30 free articles a month before being asked to pay $15 a month for the most basic digital subscription.
Ahead of an investors briefing today, Fairfax CEO Greg Hywood also warned staff to expect further job losses as the company seeks to find $60 million worth of extra savings by September. That’s on top of the $251 million in savings that have already been announced through the current cost savings drive that will see 1900 jobs go. Group revenues for Fairfax are down 9-10% on the same period last year.
Hywood also told staff in an email that Fairfax will launch a “product review” of all its publications, radio stations and apps to see where further savings can be made.
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“While some components of the $60 million cost reduction announced today will not involve job losses — for example, reduced marketing expenditure will contribute to the total — regrettably the removal of duplication will involve job losses,” Hywood wrote. According to Hywood, Fairfax has no plans to cut back on the publication frequency of its major mastheads for the foreseeable future. — Matthew Knott
Front page of the day. Congrats to Liz, who celebrated 60 years in the top job overnight with a service at Westminster Abbey. The UK’s Daily Telegraph paid tribute:
Video of the day. Sometimes we wonder how breakfast TV presenters keep a straight face when covering silly stories about Shetland ponies and the like — and then we realise that sometimes they can’t. Sunrise reporter Edwina Bartholomew absolutely lost it yesterday morning when attempting to get through the weather …