The Fairfax property advertsing division Domain featured prominently in the media company’s major restructure last Friday. While the official announcement made no mention of other classified sites such as Drive or MyCareer, Domain emerged with its own division.
In an article on Crikey, Matthew Knott states that Fairfax Media took an axe to its senior management ranks in a restructure that will see all its print assets folded into the one division for the first time.
Five separate print fiefdoms — Metro Media, the Australian Financial Review Group, Agricultural Media, Regional Media and Community Newspapers — will be collapsed into one entity known as Australian Publishing Media. As a result, metro media CEO Jack Matthews will leave the company; his chief operating officer David Hoath is understood to be departing too. Regional Media CEO Allan Browne is on the way out, with other “C suite” managers set to follow.
“There are CFOs, CMOs, COOs, strategy groups everywhere,” one Fairfax management source said. “It needed to be streamlined.”
The new, slimmed-down Fairfax will have five separate divisions: Australian Publishing Media, Domain, Digital Ventures, Radio and New Zealand. This will allow the company — which announced 1900 job cuts last year — to make further cutbacks in administration, human resources, IT, sales and marketing.
Unlike last year’s announcement, Fairfax has not divulged the total number of job losses or how much money it expects to save from the latest overhaul.
Looking further ahead, the restructure would also make it easier for the company to spin off its divisions for sale. The Domain property division and Digital Ventures group (which includes Stayz and RSVP) would be particularly appealing to potential buyers.
There will be four new groups, operating across mastheads, within the new publishing division. Linnell will be director of “news media” which includesThe Sydney Morning Herald, The Age and The Canberra Times, websites such as The Brisbane Times and sports coverage (including for the Fin Review).
This article in its entirety, originally appeared on Crikey.