FAIRFAX Media faces a major upheaval and the future of “The Canberra Times” staff remains uncertain, after its announcement this morning of 1900 job cuts over three years, a move for “The Sydney Morning Herald” and “The Age” to tabloid size and a change to digital subscriptions towards a “metered” model.
Despite speculation about Canberra’s ailing daily paper moving from broadsheet to tabloid to stem its falling circulation, there was no mention of it in this morning’s announcement.
Also included in the changes is a digital-first editorial model across Canberra, Melbourne and Sydney and the closure of metro printing facilities at Chullora, NSW and Tullamarine, Victoria, for a proposed reallocation to the Fairfax printing network.
On February 23, Fairfax announced that cost savings were expected to reach $170 million of annualised savings for the 2015 financial year. With the cost-saving initiatives, including the closure of Chullora and Tullamarine printing presses, the company is now expected to reach total savings of $235 million on an an annualised basis by June 2015. A total of $215 million is expected to be achieved by June 2014.