It's not just the staff facing cuts across both Fairfax Media's Australian and New Zealand businesses in 2016, with the publishing house also cutting publications. The company yesterday announced it has sold six of its national magazines.
The move sees NZ Life & Leisure, NZ Lifestyle Block, The Cut, World, NZ Horse & Pony, and Ponies! sold to senior editorial staff for an undisclosed amount. The sale is part of Fairfax Media's restructure of the business to focus on core audiences and subject areas.
Editorial director Kate Coughlan has purchased NZ Life & Leisure and NZ Lifestyle Block magazines - titles she previously owned before selling the titles to Fairfax in 2007. World founder and publisher Don Hope has bought back the magazine, as well as bi-monthly title The Cut. NZ Horse & Pony and Ponies! have been purchased by the magazines' editor Rowan Dixon.
In an announcement to staff, group executive editor Sinead Boucher wrote: "Our magazine portfolio is in strong shape. Today's announcement means some of our niche magazines go to owners who are absolutely passionate and expert in their respective fields. I'm thrilled for them, and confident they will create new opportunities for these magazines, and continue to deliver high-quality editorial content for readers."
Fairfax's contract with NZ Life & Leisure, NZ Lifestyle Block and World ends on December 31, while NZ Horse & Pony and Ponies! concludes on February 1, and The Cut on March 15.
