• Businessweek , Monday, June 18, 2012 12:39 PM

Fairfax Media Ltd., Australia’s second-largest newspaper publisher, plans to cut 22% of its workforce, close printing sites and introduce digital subscriptions to halt sliding sales and a stock price slump. The Sydney Morning Herald, bought by Fairfax in 1841, and its Melbourne sister, The Age, will shrink to tabloid size by March 2013, the company said in a statement Monday. Fairfax will start charging the publications’ online readers in the first quarter of next year and may end print editions entirely if revenue declines materially, it said.

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