The media group recorded a major falling-off in its advertising business in the last years and plans now to shift its focus from print more towards digital.

Fairfax Media CEO Greg Hywood said: “We must do what it takes to ensure we remain the leading independent media company and a key voice in our markets. Fairfax Media will come through the massive structural change in the media over the past 20 years – while many others have not. And to survive we must run a profitable business.”