Why the Nine Fairfax merger could be bad for business
Ex-Fairfax business publisher and journalist Amanda Gome considers what effect the company's recent merger with Nine will have on Australia's business journalism landscape.
You might think business is rubbing its hands with glee over the Fairfax/Nine proposed merger. However if it plays out the way many Fairfax journalists fear it will, there will be fewer journalists engaged in high-quality journalism.
But hey, that’s good new for business, right? Less scrutiny, fewer pesky journalists digging around their company, exposing the dirty linen.
It’s not so. For many businesses, a high quality business press is very important. Yes, they get uncomfortable, annoyed and even enraged at times over a particular story or coverage of an issue.
This morning’s Sydney Morning Herald merger coverage
But business still relies on the business media to tell its stories and news, share expertise, forecast trends, foreshadow changing regulations, inform shareholders and investors and at times to hold them to account. And when they stuff up, to quote them saying sorry or running big apology ads.
They also rely on good business journalism to understand corporate strategy and engage with the community on the changing landscape, as business and jobs face unprecedented disruption through digital transformation.
And that means experienced journalists who have a long-held familiarity with all the players, understand the context, and can quickly and accurately get to the nub of an issue, often under tremendous deadline pressure.
Already many in business fret over the diminishing number of experienced business journalists covering their industry.
The proposed merger may accelerate the trend of companies looking for other ways to tell their stories and communicate with stakeholders and the community.
While there is a lot of talk of Fairfax’s fine record for investigative journalism, which includes business, let’s add to that Fairfax’s many fine franchises, including the Rich List, and top business journalists.
Of course there are other players in the business media landscape and new ways to get this kind of news.
But it’s important for the industry and the wider community to consider how this merger might affect business coverage in the short and long term, because a robust, high quality business media covering the good and the bad benefits us all.
Amanda Gome was a business publisher and journalist at Fairfax Media for many years, now runs digital and social media consultancy Notable Media and is an adjunct professor, business, at RMIT University.
An often overlooked angle about the importance of the business press to business and the wider society!
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Totally agree but this is business! Nine, like all other listed entities has to deliver profits to shareholders. the board clearly believes that buying Fairfax gives it a better chance now and into the future. Quality journalism isn’t being questioned but profitable quality journalism is an ongoing challenge.
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