Fairfax Media shares fall by 8.5%
Fairfax Media today lost 8.5% of its ASX value, more than wiping out yesterday’s gains made on the back of the announcement of cutting costs by closing presses and axing 1,900 jobs.
The company’s share price closed today at 59.5c, having finished yesterday at 65c.
Graph: Google Finance
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That is massive. Shouldn’t be taken out of context however.
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Dear Fairfax board,
You make most of your money selling eyeballs to advertisers. You have these eyeballs because of your content and the fact that all your content is free online. If you’re sacking your content-makers and putting up a paywall what is your strategy for retaining those eyeballs?
Signed,
The Share Market
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This is a normal occurrence for FXJ … not uncommon for it to move 5-6% in a trading day.
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