Fairfax announced on Monday that it will cut 1,900 jobs, reduce its flagship broadsheet newspapers in size to tabloid, and close its two major printing presses in Sydney and Melbourne in a bid to cut hundreds of millions from its ballooning costs.
The 170-year-old publisher will also introduce paid subscription paywalls to access online content from 2013, and promote a digital first strategy aimed at capturing the online market where three-quarters of its readers are now found.
Fairfax chief executive Greg Hywood launched the restructure, to the shock of his staff, on Monday under the banner of Fairfax of the Future.
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