Media chiefs defend legacies. Fairfax's newsrooms are bigger than they were 25 years ago, CEO Greg Hywood wrote in the Fairfax metros over the weekend, in the latest attempt to address persistent criticism over job cuts and accusations of declining quality at company's flagship mastheads.

In January 1976, he wrote, the Financial Review had 25 journalists and managed to be the country's pre-eminent financial publication. These days, it employs has five times that number: