Fairfax sells down Trade Me stake to pay for publishing overhaul, tabloid formats

Mon, 18 Jun 2012

By Paul McBeth June 18 (BusinessDesk) - Fairfax Media, the media company battling to contain costs as consumers migrate to the internet for news, has sold down its stake in Trade Me to pay for a three-year restructuring of its newspapers that will cost A$248 million and result in 1,900 job cuts. The Sydney-based company sold 59.4 million shares in Trade Me at A$2.70 apiece, in a fully underwritten placement for a total A$160 million, a 3.2 percent discount to their price at the close of Australian trading on Friday. It plans to hold its st...

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