Former Fairfax CEO: Gina Rinehart is the ‘logical owner’ of Fairfax
The former CEO of Fairfax Media Fred Hilmer has said he believes the business case for print newspapers is “terminal” and argued that mining magnate and major Fairfax shareholder Gina Rinehart is the “logical owner” of the publisher.
“There is a disadvantage you have when you are an incumbent”, Hilmer told a forum at the University of New South Wales. Referencing the struggles of other companies like Kodak to transition to the digital age he added: “With the wisdom of hindsight the best way out is to sell your business.
“Media businesses are more valuable to people who really want to own them almost for vanity or influence. The logical owner of Fairfax is Gina Rinehart.”
Hilmer, who headed the publisher from 1998 to 2005, made the remarks at an event on Monday night where he was interviewed by managing director of the ABC Mark Scott.
the truth hurts….
Oh the irony. Hilmer was Fairfax CEO when he passed up several big opportunities to invest in new media to offset the decline in Fairfax’s fabled “rivers of gold” classifieds revenue. Fred forgot to mention this small point which has more than anything contributed to the “terminal” position of Fairfax.
You can see why Fred got paid all that money!
logical in that nobody else will run it’s journalistic credibility into the ground faster whilst propping it up…
So only the mega rich with a political agenda are “logical” owners of media, not thousands of small shareholders who care about quality. From the same guy who thought Fairfax was the “logical’ place for house, job and car ads.
so if Fairfax becomes under the control of Gina Reinhart, we will have nothing but Right-leaning newspapers printed in this country
Is there something unseemly about this? Hilmer was the man who was supposed to have all the answers. Now his best shot is that you find a rich idiot. (BTW; if Rinehart, how come Bezos?) As for Scott, we should all take note of his convergence model. That is, converge with Fred and David and all goes well!
Two men who rose without trace.
Gees you don’t often see the words “Gina Rinehart” and “logical” in the same sentence.
Don’t know you’re OK with me posting a link to Crikey here Mumbrella guys, but the story is one I saved to my archive and supports PRPro’s comment.
http://www.crikey.com.au/2012/.....;wpmp_tp=1
Someone already said it, but this is a bit rich from the guy who turned down opportunities to invest in both Seek and Carsales when he was Fairfax CEO. I would say he is one of the main reasons why Fairfax is in the position it is now
Why would anyone listen to Fred Hilmer?
This is the man who orchestrated Fairfax’s complete failure to transition to the internet.
Under his reign Seek, Carsales and Realestate.com.au stole Fairfax’s lunch. Here’s the score card Fred, from today’s ASX;
Market Cap:
REA: $6 billion
CRZ: $2.5 billion
SEK: $6 billion
Total: $14.5 billion
vs
FFX: $2 billion
Ouch. Fred’s the -12.5 billion dollar man! His opinion is not worth much.
So out of touch with the new digital frontiers being forged and hard copy publications continuing to GROW revenue and circulation!
Good to see Fred’s total lack of self awareness remains. After his appalling efforts at running Fairfax where he never missed the opportunity to miss an opportunity, one would have thought he would spare us his views on Fairfax. I share James Packer’s views of Freddo’s stirlibg work as CEO.
This is a glib comment from a bloke who claims to be a management guru and who ran the company for a decade. He clearly thinks it amusing to say that. Fred is clearly one a if life’s takers and one who has no clue at all about humility or duty.
And Fred is the logical owner of the Sydney Harbour Bridge.
Oh Alan Kennedy! The chutzpah! You gotta be kidding.