July 17, 2018 / 11:34 PM / in 5 months

Australia's Fairfax to share print costs with rival News Corp

The company's logo is seen on the Fairfax Media building in Sydney, Australia, February 20, 2018. REUTERS/Daniel Munoz

(Reuters) - Publisher Fairfax Media FXJ.AX said on Wednesday it had agreed with rival News Corp’s (NWSA.O) Australian unit to collaborate on printing newspapers to curb costs.

The publisher of the Sydney Morning Herald and Australian Financial Review newspapers said the move would result in the closures of its print centers in Beresfield, New South Wales, and Ormiston in Queensland state.

The agreement was expected to result in an annualized benefit of about A$15 million ($11.1 million), Fairfax said in a statement.

The companies publish Australia’s two national papers and the major metropolitan dailies in nearly every state capital.

A decade ago, before print ad revenue collapsed, such a printing alliance would have been unthinkable.

Reporting by Ambar Warrick in Bengaluru; Editing by Richard Pullin and Stephen Coates

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