Fairfax cuts

While Fairfax staff have walked off the job, the struggling media company has revealed to the share market that overall revenues are down 6% on last year and defended the decision to make 125 editorial positions redundant. In an investor update in Sydney this morning, CEO Greg Hywood said the company was committed to getting the print and digital editions of the mastheads out during the strike period.

"This is not the first time we have faced industrial opposition to what we are doing -- we won't be dissuaded from making the right decisions," he said in commentary released to the ASX said.