Fairfax plans to axe 70 jobs, mainly in Wellington
Fairfax is scheduled to release its first-half results this week.
Hot Topic
ELECTIONS
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Fairfax Media is planning to eliminate 70 New Zealand jobs, mainly in Wellington, and outsource editorial production on Australian metro mastheads to Pagemasters in a move that would cut costs and end a strategy of processing Australian content in a New Zealand subediting 'hub.'
"Today we briefed the approximately 70 fulltime equivalent staff in New Zealand who would be affected by a proposal to move editorial production work they perform for Australian metro mastheads to a third-party provider, Pagemasters, which would operate from both New Zealand and Australia," a company spokesman said. "The proposed new arrangements would provide Fairfax additional flexibility and savings. Consultation with staff is ongoing."
Sydney-based Fairfax is scheduled to release its first-half results this week. It slashed costs by $A311 million in 2015 as part of its Fairfax of the Future programme, which aims to transform the company into a multi-media business to make up for the ongoing slide in newspaper advertising revenue.
Fairfax shares rose 1.5% to 83.25Ac on the ASX today. The shares bottomed out in late 2012 at 35c, a year in which the company took a $A2.8 billion impairment on its goodwill and mastheads as it reassessed the value of its traditional media assets and sought to reform itself as a nimble, digital-based company.
(BusinessDesk)
Staff Reporter
Tue, 16 Feb 2016
Tue, 16 Feb 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Fairfax plans to axe 70 jobs, mainly in Wellington
55558