news is limited.
Monday shook Australia with Fairfax’s announcement that it will cut 1,900 jobs across its boards, as it makes the transition to tabloid and online media.
Today (despite the Melbourne tremors last night) shook the media again, with News Limited announcing that it will minimise its 19 divisions down to 5, resulting in the “one city, one newsroom” plan.
The conversion is set to cost News Limited $60 million, but will see its bigger imprint on the digital media industry and set its foot in the door of the future journalism world.
News Limited have announced that the procedure will take up to 24 months to implement, as it moves its many units of news (Herald Sun, Sunday, The Courier-Mail etc.) in both print and digital, into one single news mode.
Fairfax’s announcement on Monday explained its plans to close its Tullamarine and Chullora printing plants, but News Limited have ensured the nation that it is still completely committed to print media (phew).
CEO of News Limited, Kim Williams, commented on the media giant’s value of print, stating it’s revenue is still a remaining benefit.
“…We still sell around 11 million newspapers a week. Advertisers still find huge value in print.” – Kim Williams, News Limited CEO.
Williams’s also told of the company’s $2 billion operation with pay-TV sector, Foxtel, to raise it’s ownership from 25 per cent ownership to 50 per cent, and increase its ownership of Fox Sports to 100 per cent.
News Limited’s intentions are clear: they must change to adapt to the new media world, but it isn’t ready to let go of tradition just yet, despite its announced redundancies in the new future.