When Fairfax and NZME were trying to convince the Commerce Commission to give them their monopoly, Fairfax astounded the Commission by simply threatening to gut NZs journalism if they didn’t give this foreign owned monster what it wanted…
Fairfax New Zealand and NZME have warned it may be now or never for their proposed merger, and refusal will mean “aggressive” cuts to journalism.
The companies said they had nearly exhausted opportunities to cut costs in administration. If the merger was rejected they were likely to “aggressively consider cuts to frontline news functions such as reporting”.
Cuts would be felt deepest in “regional and local coverage and minority issues”, they said.
…well the Commerce Commission refused to give these media their monopoly and Fairfax have made good on their threat by announcing today that they are gutting 28 mastheads…
Fairfax to sell or close 28 print mastheads
Fairfax’s NZ arm has announced it will close or sell 28 mastheads.
Stuff today briefed staff on plans to reduce its portfolio of smaller community and rural titles.
About 60 staff could be affected.
A statement says the company is working through the detailed plans for each individual title. Further briefings with staff and communities will be held over the coming weeks.
…the problem here isn’t that the media companies aren’t profitable, the problem is that the heavy debt the financial owners of these monoliths carry make the industry unprofitable.
Relying on corporate media to be our fourth estate was always going to be problematic when their focus is on profit over democratic obligation, it’s time for the new Government to seek a new public broadcasting relationship if we are to have watch dogs rather than corporate lap dogs.