Fairfax AGM

Diversified media company, Fairfax (ASX:FXJ) have seen improvements to their markets, reiterating earnings guidance for high single digit earnings growth in the six months to December 21, 2010 at its AGM on Thursday in Melbourne. Fairfax managing director Brian McCarthy said, "The vast majority of your company's Australian businesses are experiencing revenue growth, and recently we have seen some small improvement in our New Zealand publishing business. "The media industry has gone through a period of uncertainty in recent years as it has attempted to come to grips with structural change and tough market conditions. But I sense we are now moving into a more positive era."

At the Fairfax's full-year results presentation last August, the company expressed changes to its current organisational structure to push their business in the digital media world. The aim of the plan it to grow both print and online businesses while positioning the company to meet the challenges faced by media around the world in a market of segmented audiences, falling circulation and an advertising push to online publishing. This new strategy will be released in an investor day on November 23.

Mr McCarthy told shareholders on Thursday that transforming the company into a "truly multi-platform media company" would include greater sharing of editorial content and greater collaboration across print, online and mobile.

John B Fairfax, a director of the company, is retiring but remains an investor in Fairfax Media, with his private company Marinya Media Pty Ltd holding a 9.9 per cent stake.

Fairfax paid a total dividend last year of 2.5c a share, representing a payout ratio of 21 per cent. Fairfax shares fell 3 cents to $3.44 on Thursday.