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Fairfax Media and News Corp.'s publishing rivals agreed to use their respective print networks as part of an agreement that will save money.
The Fairfax listed stock exchange plans to save about $ 15 million a year, with the benefits expected Toward the end of the first half of the fiscal year
The initiative is "a rational approach to the problems complexes that the industry is facing, "said Fairfax CEO Greg Hywood in a statement released Wednesday
. , which publishes the Sydney Morning Herald and Australian Financial Review, will close two presses and save $ 15 million a year.
News Corp., which does not close any printing facilities and does not say how much Fairfax will pay for the use of its presses, will send some of its titles for print at a Fairfax plant on the outskirts of Sydney.
"This is a trade agreement that has a commercial meaning," said News Corp Australasia's executive chairman, Michael Miller. Axis stocks hit a one-year high on Wednesday, closing up 3.3 percent to 79.5 cents.
Steve Allen, Media Industry Analyst and Managing Director of Fusion Strategy, said the twinning was a "smart deal". 19659003] "Things are very difficult in terms of income and circulation has dropped," he said.
Originally published as Fairfax, News Corp strike print
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