Австралийский Финансовый Обзор: История и Современность

Australian financial newspaper

The Australian Financial Review (AFR) is an Australian business focused, compact daily newspaper covering the current business and economic affairs of Australia and the world. The newspaper is based in Sydney, New South Wales, Australia; owned by Nine Entertainment and has been published continuously since its founding in 1951. The AFR, along with the rest of Fairfax Media (aside from some publications which were sold to Australian Community Media), was sold to Nine Entertainment for more than A$2.3 billion. The AFR is published in tabloid format six times a week, whilst providing 24/7 online coverage through its website. In November 2019, the AFR reached 2.647 million Australians through both print and digital mediums (Mumbrella). The Australian Financial Review started as a print only weekly newspaper in 1951, before changing to a bi weekly in 1961, and a daily newspaper in 1963. The paper now publishes multiple magazines and a supplementary weekend paper, which was launched in 1995. In that same year, the AFR website was also released, which helped to expand its readership base across all media.

The Australian Financial Review newspaper started as a weekly publication in 1951, published by John Fairfax & Sons. The paper's main objective was to inform the Australian public on business life and news. In 1961, the AFR converted to a bi weekly, and then established itself as the first daily newspaper by 1963. Despite other newspapers claiming the title of the first daily national paper, Maxwell Newton was the editor in charge of taking the Financial Review from a bi weekly to the first daily national paper. During 1961–62, the AFR's primary competitor was The Australian Financial Times, which was in operation for less than 12 months. In the 1960s and 1970s, the AFR developed a strong readership amongst a specialist business audience due to its neutral stance on domestic government policies. The magazine was published to cover topics other than business including leisure, politics, travel, sports, fashion, and other peripheral topics. In December 2019, the magazine recorded an average issue readership of 326,000. Since its launch in 1995, the AFR Magazine has won the 'Best Newspaper Inserted Magazine' (2013 2019), 'Newspaper Inserted Brand of the Year' (2019) and Mumbrella's 'Special Issue of the Year' (2019). In 1997, the AFR launched its Weekend Edition which extended the paper's publications into the weekend, with an explicit focus of targeting the growing readership base by providing news articles outside of the traditional finance setting. The application carries similar features to the website including sections such as: Street Talk and Rear Window. The product management team decided to revamp the app due to the wide uptake of smartphones in the Australian market, and to improve their user interface experience. The UTS Business School was the launch partner for the app, providing logistical advice on the app's delivery. The app's subscription price is included in the 'all premium digital subscription' bundle. The Australian Financial Review has grown its product offerings since its beginnings as a finance newsroom. It has consistently been well received by the journalism sector as one of the most high quality newsrooms across Australia. Since the 2000s, the AFR has launched BOSS (magazine for business leadership and strategy) and the Sophisticated Traveller magazine. In 2019, the Australian Financial Review recorded double digit subscriber growth, as it continued to market its newspaper as the driver of Australian business people's success and ambitions. The switch to a paywall was done because the newspaper company thought it could further monetise its niche business audience who could afford it. Following this change, the AFR continued to adjust the pricing of its subscription due to low subscriber growth. In 2011, it newly introduced a freemium paywall in which only a small portion of articles were free. It has been noted that the AFR's website locks approximately 86% of its online content behind a paywall, higher than its closest competitor the National Business Review. In addition, it was later determined that the AFR's failures in attracting online subscribers was due to its paywall being too expensive. Its 2012 price of $59 AUD was notably higher than other international mastheads, including The New York Times which was priced at $37.84 AUD. The pair discussed how the two companies' assets could synergise, improve efficiencies, save costs and increase scale. During the lead up to the merger, there were a few roadblocks. In 2016, the proposed merger was not feasible due to government legislation surrounding media ownership. In addition, Nine Entertainment's board believed that its share price was undervalued and thus wanted to delay any acquisition until its fair value had been reflected. Amongst the delays in talks between the two parties, Fairfax had other suitors including private equity groups TPG Capital and Hellman & Friedman, which ended up walking away from the table. In 2018, Nine Entertainment's board re entered into talks with Fairfax of a potential merger after its share price had jumped following an upbeat earnings report. The proposed structure of the takeover was 0.3627 Nine shares plus $0.025 AUD per Fairfax share, composing a cash plus scrip deal. This represented a 21.9% takeover premium to Fairfax's last close, and valued Fairfax at $2313.8mm AUD. It was announced in November 2018 that the ACCC would not oppose the merger. The investigation looked at the merger's impact on the online news industry's competition and involved contacting numerous stakeholders. It was noted that the merger would most likely reduce competition in the domestic media market, but that it was not in breach of the Competition and Consumer Act. The main point of divergence between the two business' assets was that Nine Entertainment's news assets provided mass market news coverage whereas Fairfax Media's news assets provided more specialist coverage. Despite the ACCC's ruling, there were a few stakeholders who voiced their concerns about the merger's impact on the Australian media industry's competitive landscape.

Across the AFR group, the team does not only publish newspapers. Its range of operations is listed below:

The Australian Financial Review daily newspaper, founded in 1951, the paper aims to provide information regarding the Australian business landscape. The Weekend Edition, delivered on Saturday, covers important business topics as well as general news and leisure focused topics. Afr. com, the AFR news website, provides online access to a news database with topics including markets, politics, policy, property, and others. Sophisticated Traveller – Since 2004, this quarterly magazine has been targeting high net worth individuals, covering content regarding luxury travel. Australian Financial Review Magazine – Monthly inserted magazine providing content on high profile business news, politics, fashion and luxury. The magazine was launched in 1995. Since its beginnings, the compilation of the list and its publishing have been taken over by the AFR, now being published annually in the Australian Financial Review Magazine and on the afr. com. Along with the names of the richest people, the list explicates the person or family's net worth and provides a short summary on the business activities and sector they are engaged in. The valuations are conducted by utilising a mix of publicly available information and private consultations. In 2019, the cut off for making the Rich List was $472m AUD. In 2020, the cut off was raised to $540m AUD.

During 1975 to 1983, when The Australian widely articulated its political stance on conservative liberalism, it had been noted that the AFR also promoted neo liberalism through its news coverage and editorials, exerting influence on the business sphere of Australia and its elitist readership base. The newspaper has also been labelled as one of the propagators of radical liberalism during the 1970s – 1980s, shaping the policy debate surrounding market deregulation at that time. However, contrasting to The Australian, the AFR was still perceived as a newspaper with a strong sense of integrity in reporting facts, despite its editorial style leaning towards conservative business ideals. In the wake of the 1987 stock market crash, the Australian news media sector was blamed for overlooking corporate corruption and wrongdoings, whilst publishing primarily favourable news articles handed to them from corporate PR teams. During the controversial 2013 tax debate regarding taxes for 'extraordinary' profits generated by mining companies, major mastheads from regions with high mining interests had almost four fold the number of negative articles compared to positive articles. The Australian, the biggest national daily, had a large number of both positive and negative articles, but had a limited number of neutral articles. Out of all the daily mastheads, the AFR published the most articles surrounding the tax debate and also the most number of neutral articles. to produce the 'Cyprus Confidential' report on the financial network which supports the regime of Vladimir Putin, mostly with connections to Cyprus, and showed Cyprus to have strong links with high up figures in the Kremlin, some of whom have been sanctioned. Government officials including Cyprus president Nikos Christodoulides and European lawmakers began responding to the investigation's findings in less than 24 hours, calling for reforms and launching probes.