Fairfax Media Limited shares went into freefall, dropping 8.82% in the opening moments of trading on the Australian Stock Exchange this morning. Fairfax shares had already plummeted over 9% in trading yesterday.
Fairfax Media
The drop comes the day after Australia’s richest woman Gina Reinhart announced she was going to dump one third of her holding, about 5% of the company, after her failed attempt to take over the board.
Yesterday, Fairfax Media was dealt a further blow when it wrote off $2.8 billion in assets in its annual report. It also wrote off $100 million in investments and property.
Fairfax Media owns The Age in Melbourne, The Sydney Morning Herald in Sydney, and online dating site rsvp.com.au, Australian Property Monitors, MyCareer, Stayz, drive.com.au. domain.com.au, cuisine.com.au and TheVine.com.au.
