Australian newspaper publisher announces massive loss

Fairfax Media Ltd, publisher of hundreds of newspapers in Australia and New Zealand, today reported a AUS$391m (€284.2m) annual loss after writing down the value of its publications amid a challenging environment for media companies.

Fairfax said its AUS$391m net loss for the 12 months ended June 30 reflected an AUS$651m (€473.13m) writedown of the book value of its newspapers and other assets.