In January, so a well-circulated urban legend goes, Fairfax CEO Brian McCarthy was asked by analysts to explain his strategy for the media giant.
“Cost containment,” said McCarthy, quick as a whip.
“Well, yes,” said the analysts, “but that’s basic business: what is your STRATEGY?”
McCarthy looked at them blankly and said, “Well, and I’ll also reshuffle my senior executive team” … so the analysts decided the best thing would be to force Fairfax to sell about 500 million more shares to raise capital, figuring that if cutting costs was the extent of the strategic thinking, then McCarthy REALLY needed to reduce debt.
Things have moved on since then, and next month Brian will hold a talkfest among senior types in an effort to define some grain or two of strategic thinking.
On Friday he even extended the offer, emailing an invitation for input to Fairfax staff.
Date: Fri, 14 Aug 2009
Subject: Strategy Meeting — Message from Brian McCarthyIn early September the senior management team and approximately 30 invited members of staff will be discussing the future direction for Fairfax Media Limited over the next three to five years. While the number of attendees is limited, I am keen for all staff to have the opportunity of contributing to this important process.
If you wish to make a contribution and have a say in the future strategy and direction of your company, please send your thoughts and comments to Chris Maher at chris.maher@fairfaxmedia.com.au, or fax to (02) 9282 1661 by Monday, August 24, 2009.
All contributions will be considered.
Kind regards,
Brian McCarthy
Here at Crikey we think that Fairfax might benefit from the widest range of possible input. So we encourage you, dear reader, to send your thoughts on how Fairfax might best equip itself — strategically — for the next few years.
Send your ideas to the email address above. Copy us in too at boss@crikey.com.au. We don’t know what Fairfax will do, but we’ll publish a selection of the more thoughtful responses. This country needs a robust serious press for the health of its national discussion. It’s time we did our bit to help its better half — Fairfax — survive.
Terminate the worst newspaper in Australia by putting The Age into liquidation and make The SMH a truly national broadsheet.
The absence of The Age could only do no end of good for the battered reputation of the Fairfax stable.
Rubbish Jamesk! The Age is a wonderful newspaper, one which I read (almost) cover to cover every day. What The Age needs is more depth pieces and an ‘Editor of Whimsy’ to go with all its other editorial sections – where Leunig, Katz et al can flourish.
Brickbats: The Age really needs to get its online act together. Sloppy, late postings, don’t post the good stuff. For instance, why waste the entertainment section on OS material found in any trash magazine when it could run all the great reviews of books and films done by Melbourne writers for Melbourne audiences? I’m constantly frustrated by the failure of The Age Online to utilise its well-written articles and reviews. Also, search for anything in the online version and you get ridiculous results. Brian, how about putting some people with intelligence – perhaps even just some people – onto ensuring that the online Age is up-to-date and relevant to your market?
Perhaps the age could get rid of its special interest editors woth a personal barrow to push who treat journalism as if Mr Murdoch was right and trash is important. No more stories calling people names without evidence to support it. By evidence I dont mean surveys or polls.
Put the value in the articles or join the truth as a muckracking piece of history.
Leave the unresearched unconsidered crap to the hun
‘The Age’ has become a sad roneo copy of ‘The Sydney Morning Herald’. I loved ‘The Age’ now I wouldn’t line the bottom of the bird cage with it. The SMH should become a national (in effect has with most of the features stuff based in Sydney). Even the market report in today’s Epicure referred to ‘Batlow’ Apples whem most market apples this time of year for Victorian markets are sourced from Tasmania.
Online Fairfax (the first into the space in Australia) is now a text book case of how not to be an online news source.
Bring back ‘The National Times’ I say. The only thing I’ll miss about ‘The Age’ is Leunig and Tandberg.
Make the hard copy broadsheets a serious, weekly, indepth publication and report breaking news and analysis online.
Ditch any showbiz ‘news’ that is clearly about someone trying to plug their new album/book/play/movie. It’s either news or publicity. Most of the time it is publicity.
Use the hard copy version as a platform for interactive discussion online.
Stop reporting economics and politics out of Canberra. Take the journalists out of the press gallery entirely. The public isn’t interested in politics as a game of tennis.