Fairfax to Cut 1,900 Jobs, Downsize Paper
Fairfax Media Ltd announced plans to cut 1,900 jobs – just over a fifth of its workforce – in addition to implementing paywalls around its websites and shrinking two of its flagship newspapers to tabloid size to create AU$235 million in annual savings by June 2015.
Just as the Times of London and the New York Times have been forced to do, The Sydney Morning Herald and Melbourne’s The Age will shrink from broadsheets to tabloid size by March 2013. Online access will incur a fee beginning in the first quarter of next year, Bloomberg reported.
According to the Sydney Morning Herald’s Adele Ferguson, the Canberra Times will also reduce its size.
Job cuts will be spread over the next three years, and printing plants in Chullora and Tullamarine are slated to close by June 2014.
Fairfax will also reduce its stake in Wellington-based online auction business Trade Me Group Ltd from 66 per cent to 51 per cent, resulting in an AU$160 million savings.
Gina Rinehart, the world’s wealthiest woman and a significant shareholder in Fairfax, has reportedly increased her ownership in the media company to 18.67 per cent – a move that Ms Ferguson says “may help to consolidate [the] gains” seen recently on the trading floor when Fairfax’s share price jumped almost 10 per cent.
"We are taking decisive actions to fundamentally change the way we do business," said Fairfax CEO Greg Hywood in Monday’s announcement. "The changes announced today have been selected after considering the merits of a full range of structural alternatives, including a demerger.
“The days of the huge printing plants, built for our legacy print classified business, are well and truly over.”
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.