Addressing Fairfax Media’s Annual general Meeting today, Chairman Roger Corbett told shareholders that media ownership ‘ reach rules’ need to be reviewed.
“The archaic media ownership restrictions…are outdated and outmoded by technological change and shifts in how consumers now source their news and information. The legislation simply does not meet the current needs of the industry or the community.”
He urged the government to show decisive leadership and “reset the competitive base for a modern media industry.”
As reported previously, the results for Fairfax Media are looking better than in recent years, and Corbett included figures on the company’s reduced dabt and improved cash balance in his 5th AGM speech to the company. He will leave his role next year.
For Roger Corbett’s full speech, click here.
CEO Greg Hywood reiterated information in the annual report, that “radio revenues are 2-3%, but improving.” More here.
