Australia's Fairfax Media to slash 1,900 jobs over next three years

Sydney, June 18 (ANI): Australian publisher Fairfax Media Ltd. plans to slash 1900 jobs over the next three years to shrink its broadsheets into 'compact' tabloid formats.

The job cuts will come amid a raft of new measures, which include the closure of two printing facilities, changes to the format of The Sydney Morning Herald and The Age newspapers, and the introduction of digital subscriptions.

An internal memo emailed to Fairfax staff said about 300 jobs would be axed at the company's metropolitan division, which includes The Sydney Morning Herald, The Age and The Canberra Times.

Half the jobs being axed are editorial positions, News.com.au reports.

The company's chief executive, Greg Hywood, said Fairfax devised the changes after considering the merits of a full range of structural alternatives, including a demerger.

"The package of strategic initiatives is bold, and several are difficult, particularly as they will impact on some of our people," the report quoted Hywood, as saying.

"However, we believe that they are in the best interests of Fairfax, our shareholders, and ultimately the majority of our people. They are necessary to ensure Fairfax retains its position as a leading independent media company and a key voice in our markets," he added.

According to the report, the company will introduce paid subscriptions for its Sydney Morning Herald and The Age websites next year, although some limited free access will remain.

The printed versions of those two mastheads are also to be made more compact, similar to the size of its Australian Financial Review newspaper, from March 4, 2013. (ANI)