Fairfax Media Limited
(ASX:FXJ) CEO Greg Hywood says the media company can save $60 million by the end of September as part of an operational restructure.
Speaking at an investor day, Mr Hywood said savings will come from reducing duplication across the business, but with an emphasis on minimising the impact on content and sales.
He says the changes will be accommodated within the company’s existing provision and the additional $60 million is net of inflators and will benefit earnings amid a challenging environment.
Mr Hywood says ongoing cost management has become part of Faifax’s DNA.
Fairfax generated a net profit of $401.3 million in the first half of the current financial year.
