Tag: fairfax media
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Fairfax And Nine Announce Merger Plan
This article was originally posted by Mumbrella. One of the biggest moves in the Australian media’s history is underway, with Nine Entertainment and Fairfax Media set to merge businesses. Nine announced the news on the Today Show this morning, telling the audience the deal would conclude by the end of 2018. It is the biggest proposal to…
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TPG makes new bid for Fairfax with $2.7 billion cash offer
A consortium affiliated with TPG Private Equity group has raised its initial offer to acquire Fairfax media after a market share rise. The offer values Fairfax at around $2.75 billion and is a 12% rise on the company’s closing share price of $1.07 last week. In early trade today, Fairfax shares rose 7% to $1.147, which represents an increase…
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Fairfax is cutting $30 million from newsrooms
Capital city newsrooms owned by Fairfax are suffering from restructuring changes as the company attempts to save $30 million per year. However, these costs are not staff related and will focus instead on editorial operations to get the savings that are needed. The media group is implementing changes through a ‘process of consultation’ across the Sydney Morning…
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Staff paid a measly $4 an hour
It has been revealed that Taiwanese company Chia Tung Development Corp have been breaching several Fair Work Acts for temporary visa holders. 43 staff, largely from the Philippines were exploited as they undertook work as welders, metal fabricators and electricians in regional NSW. The workers received as little as $4 an hour. Not only was the pay grossly…