Fairfax Media’s restructure will save more money than it thought it would.
The publisher told the market today the streamlining would result in an extra $60 million in savings by the end of September this year, over-and-above the $250 million it had predicted.
“The savings will come from reducing duplication right across our business, but with an emphasis on minimising the impact on content and sales,” Fairfax boss Greg Hywood said on Thursday in a speech to the company’s investor day, submitted to the ASX.
“Ongoing cost management is now in our DNA,” Hywood said, also explaining that trading conditions remain “pretty tough.”
The company is going to review all aspects of its business to find additional savings, though Hywood made no mention of further job cuts, and said the frequency of Fairfax’s masthead newspapers would not change.
Business Insider Australia’s parent company Allure Media is a wholly-owned subsidiary of Fairfax Media
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