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GreekReporter.comAustraliaXyradis Gains Control of Fairfax Media

Xyradis Gains Control of Fairfax Media

fairfaxGreek-Australian Pavlos Xyradis has become the major shareholder in the second-largest publishing company in Australia, spending $66 million to gain 5.3% of the shares of the Fairfax Media group, which, among others, publishes daily newspapers in Australia such as The Sydney Morning Herald, The Age and The Australian Financial Review.

Xyradis, through his company Ausbil Dexia, owns shares in the largest publishing group of the country, Rupert Murdoch’s News Corporation and Seven West Media.

However his investment at Fairfax Media, which is facing serious financial problems, surprised the investors. Xyradis said he trusts the future of the press and the Fairfax Media direction. “My investment is also a vote of confidence to the press, and I expect that this year it will recover,”  Xyradis said.

Gina Rinehart, mining tycoon and the richest woman in the world and the largest shareholder in Fairfax Media, has expressed her wariness about the deal. On June 18, 2012, Fairfax announced it would cut 1,900 staff and begin to erect paywalls around the websites of its two main metropolitan newspapers, The Sydney Morning Herald and The Age.

It also announced it was shifting to “compact” or tabloid-sized editions of the broadsheet newspapers from March 2013, and that its two printing facilities at Chullora and Tullamarine would close.The changes, prompted by shrinking advertising revenue, were expected to generate $235 million in annual savings over three years.

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