story #64

https://www.theguardian.com/media/2016/aug/10/fairfax-media-records-8935m-loss-due-to-newspaper-writedowns

story #64 "Fairfax Media records $893.5m loss due to newspaper writedowns"

As the article states, the publisher of the Sydney Morning Herald and The Age, Fairfax Media, has posted a full-year net loss of $893.5m compared with an $82m profit last year after announcing a close to $1bn write-down of assets last week. The media company, which now makes 50% of its profits from online property business Domain, last week separated the profitable website from its struggling newspaper division. Total revenue also declined in the 12 months to 26 June, to $1.83bn, from $1.87bn the previous year, while net operating profit fell 7.6% to $132m. Fairfax announces billion-dollar write-down and plan to split off Domain. Despite an increase in pre-tax profits at Domain and a 20% growth in group digital revenue, Fairfax was hindered by the continued poor performance of its flagship mastheads. Profits in its metro division, which houses the Canberra Times as well as the Herald and The Age, fell nearly 45% to $39m, while profits at local and regional newspapers fell 10% to $110.9m. There are 209,000 paid digital subscribers to the SMH, the Age and the Australian Financial Review, accounting for $38m but it is not enough to offset the losses on the newspapers. With print circulation revenue and print advertising revenue both declining Fairfax CEO Greg Hywood confirmed it was only a matter of time before the Monday to Friday editions of the metropolitan papers ceased publication in line with global trends.

• Sydney Morning Herald and The Age, Fairfax Media, has posted a full-year net loss of $893.5m compared with an $82m profit last year after announcing a close to $1bn write-down of assets last week
• the media company, which now makes 50% of its profits from online property business Domain
• Total revenue also declined in the 12 months to 26 June, to $1.83bn, from $1.87bn the previous year, while net operating profit fell 7.6% to $132m
• Canberra Times as well as the Herald and The Age, fell nearly 45% to $39m