Reports out of the Fairfax buildings this morning were of stunned newsrooms, shocked into silence as Greg Hywood announced 1900 jobs to go, the broadsheets shrunk to compact size, printing presses closing, and an acceleration of the shift to a focus on digital.
The Fairfax statement to the Stock Exchange made it very clear the company is hanging its future on its news websites, which will start charging for some content.
Many people took to social media to decry the company charging for access to its sites, conveniently ignoring that someone has to pay the salaries. The share market reacted somewhat differently to the staff and readers, with Fairfax shares immediately jumping 4 per cent. Clearly investors are not nostalgic about the smell of newsprint.
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