Fairfax Media chief executive Greg Hywood has responded to critics of the company in a speech to the Melbourne Press Club in which he spoke of the development of new revenue streams.
Mr Hywood also reaffirmed the company’s commitment to radio and signalled plans for the development of its real estate brand, Domain.
After talks last year on a possible merger of Fairfax radio stations with Macquarie Radio Network, Mr Hywood declared the company had adopted a long-term vision for its radio assets. “We are getting it right. It won’t happen overnight. We are here for the long road.”
He said Fairfax had “adjusted to the new commercial reality” and was “creating new revenues”, indicating investments in areas such as education, travel, health and lifestyle.
He said the company had decided on a “digital first” policy because he believed that “collapsing print advertising” was not a thing of the past.
“Having seen the devastation offshore we knew there was no time to waste and began our – what some people saw as radical and what we saw as necessary – reshaping of the business in 2010. And it was not a second too soon.”
On Domain, Mr Hywood said, “I won’t go into too much detail about our future plans around Domain – watch this space.”
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