Media stocks are among the worst performers on the Australian sharemarket in recent years.
Radio New Zealand's Sydney correspondent reports that reflects not so much an economic slowdown but the structural change hitting the industry.
In an update for investors, Fairfax Media has warned its earnings will fall as much as 39% in the second half of its financial year.
Essentially, people are not buying newspapers anymore and digital revenues are not growing fast enough to replace the losses from print.
Fairfax is counting on a major organisational restructure to turn its fortunes around. It's also erecting paywalls around its major metropolitan mastheads.
Readers will get free access to 30 articles per month before having to pay for news.