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Australia's Fairfax rids of remaining stake in Trade Me for USD650m  Join our daily free Newsletter

MENAFN - 17/12/2012

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(MENAFN) Australia's No.2 newspaper firm Fairfax Media Ltd. has given up its remaining stake in online auction site Trade Me Ltd. (TME) for USD650 million, Bloomberg reported.

Fairfax is making efforts to rebound its newspaper business amid what Chief Executive Officer Greg Hywood said is a "structural decline" in the country's print media.

The company wrote down the value of its papers by USD2.96 billion in August and is cutting its staff by 1,800 workers, closing print sites, charging for online access and converting its main broadsheets to tabloids to reverse two years of losses.

The company will use the cash proceeds to repay debt and allow the publisher of the Sydney Morning Herald and Australian Financial Review to support its restructuring plans, CEO Greg Hywood said in the statement.

Net debt stood at USD896.85 million at the company's year-end on June 24, down about 65 percent since 2008.

 






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