Fairfax's downward revenue race

The latest earnings guidance shows Fairfax is still losing its race to cut costs by more than revenue losses. As pressure builds, the company is becoming increasingly vulnerable to some form of strategic play.

The latest, albeit modest, downgrading of Fairfax Media’s revenue guidance underscores the degree of difficulty facing Greg Hywood as he tries to manage a radical restructuring of the newspaper group in the midst of a deteriorating advertising environment.

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