Australia's Fairfax Slashes Newspaper Values By Almost $3 Billion
Posted: 8/23/2012 | By: Miranda Maxwell | Reuters
MELBOURNE, Aug 23 (Reuters) - Australian publisher Fairfax
Media slashed the value of its newspaper titles by
almost $3 billion on Thursday, as it posted a steep fall in
profit and said it saw no early turnaround in the worst
advertising conditions in more than 30 years.
Shares in Fairfax slumped 10 percent to A$0.51, just off an
all-time low hit earlier this month, as the publisher of the
Sydney Morning Herald, Australia's oldest newspaper, as well as
the Australian Financial Review and The Age, warned sales in the
new year were running 10 percent below a year ago.