Opinion: CEO of Fairfax Media believes "quality newspapers will survive"
Posted by Lauren Drablier on October 16, 2008 at 1:14 PM
David Kirk, CEO of Fairfax Media (publisher of Australia's Sydney Morning Herald and The Age), recently gave a speech to the Sydney Institute about his views on the media industry and his predictions for the future.
Kirk does not see the end of quality newspapers; not in their print forms, nor their online forms. He believes that a free press is "essential to the operation of democracy" that helps people come to their own conclusions about what is going on in the world.
He stressed the obligation of journalists to be accountable to their readers, public and shareholders for the quality of their journalism.
Kirk does not see the end of quality newspapers; not in their print forms, nor their online forms. He believes that a free press is "essential to the operation of democracy" that helps people come to their own conclusions about what is going on in the world. He stressed the obligation of journalists to be accountable to their readers, public and shareholders for the quality of their journalism.
Kirk noted that readership in Australia is "growing dramatically" both in print and online. Over the past year, the Herald has seen a 30% increase in unique readers online. He emphasized his point by stating, "It reaches more people in more places than ever in its 177-year history. The same is true for The Age."
Kirk believes that there are several key elements to quality, independent journalism which include the fact that journalists are able to shine a light on certain subjects important to readers, they are able to tell the truth, they hold powerful governments and people accountable for their actions, and they do all of this by following the basic values of accuracy, fairness and balance.
He emphasized the need for quality news during this time of financial and economic certainty. This rings true for many; just look at the financial chaos caused by two recent events: the false story on Steve Jobs' heart attack and the dateless United Airlines story that resurfaced and caused their stocks to drop 76% within 15 minutes.
Kirk advocates quality journalism because he believes that it "provides renewal and permits generational change. " He also believes that it is very important to be comprehensive, in his words it's "not just news, business and sport, but the arts, lifestyle, culture, science, health, the environment and all levels of politics and society." He also feels that it is very important to maintain an overseas staff "so that Australian eyes and ears are capturing world events and informing our audiences about it."
Even though today everything is about speed, Kirk values investigation and feels it is important to "research and develop possible stories over long periods of time - even if we have no idea if they will get into print."
He predicts that in the future there will be a "vigorous and profitable" market in big cities among the educated and higher-income audiences. For this reason, he feels it is important to focus on quality journalism and presentation.
Sources: The Sydney Morning Herald
Kirk believes that there are several key elements to quality, independent journalism which include the fact that journalists are able to shine a light on certain subjects important to readers, they are able to tell the truth, they hold powerful governments and people accountable for their actions, and they do all of this by following the basic values of accuracy, fairness and balance.
He emphasized the need for quality news during this time of financial and economic certainty. This rings true for many; just look at the financial chaos caused by two recent events: the false story on Steve Jobs' heart attack and the dateless United Airlines story that resurfaced and caused their stocks to drop 76% within 15 minutes.
Kirk advocates quality journalism because he believes that it "provides renewal and permits generational change. " He also believes that it is very important to be comprehensive, in his words it's "not just news, business and sport, but the arts, lifestyle, culture, science, health, the environment and all levels of politics and society." He also feels that it is very important to maintain an overseas staff "so that Australian eyes and ears are capturing world events and informing our audiences about it."
Even though today everything is about speed, Kirk values investigation and feels it is important to "research and develop possible stories over long periods of time - even if we have no idea if they will get into print."
He predicts that in the future there will be a "vigorous and profitable" market in big cities among the educated and higher-income audiences. For this reason, he feels it is important to focus on quality journalism and presentation.
Sources: The Sydney Morning Herald
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, recently gave a speech to the <b>Sydney Institute</b> about his views on the media industry and his predictions for the future. <br /><br /><form mt:asset-id="1128" class="mt-enclosure mt-enclosure-image" style="display: inline;" contenteditable="false"><a href="http://www.editorsweblog.org/sydney-paper.jpg"><img alt="sydney-paper.jpg" src="http://www.editorsweblog.org/sydney-paper-thumb-175x249.jpg" class="mt-image-left" style="margin: 0pt 20px 20px 0pt; float: left;" height="249" width="175" /></a></form>Kirk does not see the end of quality newspapers; not in their print forms, nor their online forms. He believes that a free press is "essential to the operation of democracy" that helps people come to their own conclusions about what is going on in the world. <br /><br />He stressed the obligation of journalists to be accountable to their readers, public and shareholders for the quality of their journalism.<br /><br /> <div><br /></div>&title=Opinion: CEO of <b>Fairfax Media</b> believes "quality newspapers will survive"){kind=link}
If Kirk believes in quality journalism so much then why has he just overseen a 14% cut in editorial staff at The Sydney Morning Herald and The Age? Kirk claims he needs to keep costs under control but he has just received a 23.8% pay rise in the year to June 30 to $A3.4 million.
Kirk contends that quality journalism CAN be achieved without having to maintain quantity. But as the US newspaper experience of the past two years amply demonstrates, when you make cutbacks in newsrooms year after year, in the end your readers and advertisers desert you because the quality journalism doesn't exost any more... there simply aren't enough writers on the ground to write the story.
Kirk's strategy is a short-term crutch to a sagging stock. After three years in the CEO's job, and cut backs made in every one of those years, he still hasn't explained just HOW his cutbacks in editorial staff will allow him to maintain quality journalism at Fairfax newspapers.
It's about time these CEOs with no media experience (Kirk is a former rugby player, McKinsey & Co consultant and medical doctor!!!) get quizzed on specifics about their vision for media companies rather than being allowed to waffle on with nonsense that appeals to stockholders but consistently fail to deliver results.
Kirk, like many of his media contemporaries, is allowed to destory medai groups via death by a thousand cuts. The proof - the Fairfax share price has been in freefall for the past 12 months and is now down 56% since May 2007.
The chairman of the board at Fairfax, like Kirk, has no media experience.