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

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