Redundancies and magazine closures have remained fairly quiet in the last few months, but the lull has been short-lived with Fairfax Media yesterday announcing the next round of magazine shut-downs and redundancies.
Fairfax Media is to close its monthly glossy newspaper-inserted titles the(sydney)magazine and the(melbourne)magazine and it’s quarterly title Financial Review Capital. It is also planning on making 25 editorial cuts in the Business Media unit and 20 from the News and Life Media unit.
Fairfax Media MD of Australian publishing media Allen Williams made the announcement in an email to staff yesterday morning.
It’s no secret to anyone in the media business that magazines have been an increasingly challenged platform. The Sydney/Melbourne titles have been great magazines, but it makes commercial sense to make these changes,” read the email from Williams.
November will be the last editions of the(sydney)magazine and the(melbourne)magazine, while the Financial Review Capital will still be issued once a quarter within the newspaper. Williams told staff that the company was still committed to inserted magazines.
