Jul 21, 2014

Fairfax ‘weathered the storm’, says Hywood, but more cuts possible

The Fairfax CEO had no patience for critics at a Melbourne Press Club appearance last week, telling those gathered that his company had "weathered the storm".

Myriam Robin — Media Reporter

Myriam Robin

Media Reporter

Fairfax chief executive Greg Hywood has slammed the “conga line of hysteria” in recent books about Fairfax’s decline.

Speaking at the Melbourne Press Club on Friday, the former journalist outlined a new book he thought should be written, about how the plan he and his executives initiated is working to save the 185-year-old newspaper company, claiming they had “weathered the storm and survived”.

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2 thoughts on “Fairfax ‘weathered the storm’, says Hywood, but more cuts possible

  1. Scott

    Greg Hywood can spin all he likes, but at the end of the day, the annual reports don’t lie.

    Retained profits in 2004: 679,817,000
    Reatined profits in 2013: (2,867,387,000)

    Thats a $3.5 billion loss of value over 9 years..the vast majority of loss occuring in the last 2 years.

    You can’t expect investors to just shake that sort of stuff off. Fairfax will be under the pump for a while yet.

  2. AR

    Says Hywood. “Where’s the rule book that says journalism has to be supported by classified advertising?
    It is called sales and is intrinsic to the raison d’etre of newspaper – to get people to read the stories they have to be worth reading – made difficult by ridding yourself of unnecessary appendages like journos – so if you ain’t selling to large numbers, then you ain’t selling to advertisers who want to reach those masses.QED.
    All else is vanity & waffle

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