The media company is preparing to cut costs – and staff – again as it makes a wide-ranging changes across several departments. 

APN and Fairfax need to urgently implement an online pay model – for their shareholders and employees.

The shares have been halted to let a bookbuild take place for the sale of Fairfax's shares.

Reports say UBS began approaching institutional investors Saturday afternoon. Paying down debt has trumped keeping the cash cow. UPDATED with comments by Lance Wiggs. Rinehart backs sale; Fairfax close to new digital deal.