Fairfax Media chief commits to print...for now
Fairfax Media’s CEO Greg Hywood has committed the group to remain in print, despite the group’s recent prioritization of digital editions.
Fairfax CEO Greg Hywood
Hywood denied that the Sydney Morning Herald and The Age would cease to exist as print entities from 2015.
“I totally rule out that speculation,” he said.
Speculation has been rife in recent days that an accelerated timetable to cease publication of the titles had been brought forward.
“First of all there are no plans to bring forward. Secondly, no option has been developed, let alone put to me as an option,” Hywood said.
The media group announced that two printing presses in Sydney and Melbourne will close in 2014. In October, Hywood confirmed the group had long term plans to move to digital only formats, but did not provide a timescale.
Fairfax shareholder Simon Marais said that the “next step” in the event of poor economic performance would be to “stop printing during the week.”
He added: “That's the way papers are going. They will have to become electronic.”
“Greg has always said that's the way he thinks it will play out, and print volumes have dropped quicker than one might have anticipated,” he said.
“Immediately you must look at how much money you're making. If you're starting to lose money then you should do it, because what choice do you have?”