Australia's Fairfax Slashes Newspaper Values By Almost $3 Billion

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.