Fairfax shareholders approve Domain split as Hywood flags further cost cuts

Fairfax shareholders have approved the spin off and partial listing of its Domain real estate operation at a special meeting before the company’s annual general meeting this morning.

The motion to split the company passed with a vote of 99.89% with no questions from the assembled shareholders.

“Cost discipline” will continue in 2018 warns Fairfax CEO Greg Hywood

During his AGM address, Fairfax chief executive Greg Hywood stated ‘cost discipline’ will continue both in the company’s metro division and the New Zealand operations as the company continues to deal with declining markets outside the Domain business.

The Australian operation saw cost cuts of 12% during last financial year which contributed to a bottom line improvement of 26%, said Hywood.

Hywood hailed the Macquarie Radio acquisition as a ‘profound success’ with EBITDA [earnings before interest, tax, depreciation and amortisation] growth of 28% over the past year. He also flagged Stan’s 800,000 subscribers as another win for the company with the exclusive rights to CBS’ Showtime content a key asset for the streaming service.

Fairfax chairman Nick Falloon commended the CEO’s management of Fairfax telling shareholders: “Reshaping Fairfax from a traditional media company to a leader in the contemporary media environment is testament to the astute leadership of Greg Hywood.”


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