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News Summary: Fairfax Media cutting 1,900 jobs

Monday - 6/18/2012, 1:40pm  ET

The Associated Press

(AP) - JOB CUTS: Fairfax Media Ltd. will shed 1,900 jobs over three years, almost one-fifth of the Australian publisher's staff.

INDUSTRY TRANSITION: Fairfax will also erect pay walls for two flagship newspapers as readers increasingly move online, and is also closing two printing plants in Australia. The company said it's giving itself the flexibility to ditch its print operations entirely in the future if that's what consumers demand.

ABOUT THE COMPANY: Fairfax owns more than 300 newspapers, 50 websites and 15 radio stations in Australia and New Zealand, including The Sydney Morning Herald.

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