Revenue in australian metro media which houses the

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Mr Hywood also provided a trading update, saying revenue across the group for the first 17 weeks of the second half slipped 1 per cent. Revenue in Australian Metro Media, which houses The Australian Financial Review , The Sydney Morning Herald and The Age , fell about 2 per cent, while Australia Community Media had slipped about 9 per cent and revenue at Stuff, the company's rebranded New Zealand business, dropped about 8 per cent.Domain total revenue was up 13 per cent, while digital revenue climbed 21 per cent. Fairfax spun out Domain late last year, keeping 60 per cent and giving 40 per cent to existing shareholders. Revenue at radio business Macquarie Media, of which Fairfax owns 54.4 per cent, climbed 4 per cent.The update sent Fairfax shares up 5.6 per cent to 75¢ on Wednesday. "In the face of that profound industry disruption, setting ourselves on the path of originating commercially viable new media has proven correct," Mr Hywood said."We are achieving our goal of sustaining independent journalism's public good, while at the same time delivering shareholder value creation. In the past six years we have built around $1.6 billion of value. We are focused on accelerating value creation." Over the last six years, Fairfax has gone through a massive restructure, which has included selling some assets, cutting jobs, but also investing in growth businesses such as Domain and Stan, a 50-50 video streaming venture with Nine Entertainment. "We have hit a new phase in the development of the business. We have taken big decisions around cost. We have taken big decisions to create businesses such as Domain and Stan. Our continued focus is on organic value creation opportunities going for growth
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  • Accounting, The Sydney Morning Herald, Fairfax Media, The Australian Financial Review

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