Fairfax chief executive Greg Hywood has declined to make a formal commitment to keep the company’s metro mastheads in print seven days a week, while also flagging a major announcement to do with the company’s real estate unit Domain.
Speaking at a Melbourne luncheon, Mr Hywood said the company was preparing changes to Domain, saying “watch this space”, adding the company was pursuing new investments in travel, lifestyle, health and education.
Mr Hywood brushed aside comments made by key investor Simon Marais of Allan Gray this week in The Australian about the company being at the end of its life cycle, saying Mr Marais had done well out of his investment in Fairfax.
However when pressed by The Australian, Mr Hywood declined to make a commitment to his metro mastheads, particularly The Age.
“I’m just making a really simple point. We have sustainable, strong print products. In the foreseeable future they are improving their position as mastheads.”
He also acknowledged that the company had considered a plan put forward by Bain & Co to reduce senior journalists by 75 per cent and replace those roles with trainees, but said that it was one of several strategies mulled over by the company.
When the Fairfax CEO was asked from the floor to comment on The Australian’s birthday celebrations, he said that he used to read and respect the paper in the 70s and 80s adding: “The Australian has made its contribution. Like all newspapers, we make positive and negative contributions.”