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Killing Fairfax: Packer, Murdoch and the Ultimate Revenge
An incisive, hard-hitting and utterly compelling expose of media, powerful mates and multimillion-dollar deals that reads like a thriller. "Not since The Latham Diaries came out in 2005 has a book delivered so many scoops, insights and revelations into how power is wielded in Australia ... a treasure trove of gems" - Crikey
"Pamela Williams has written a manual for corporate directors and senior managers, who should all be compelled to read it." - Mark Westfield, The Australian
An incisive, hard-hitting and utterly compelling expose of media, powerful mates and multimillion-dollar deals, Killing Fairfax tells the inside story of the decline of hallowed media company Fairfax, publisher of The Sydney Morning Herald, The Age and The Australian Financial Review.
Covering a decade and a half of lost opportunity and mismanagement, this story culminates in Fairfax's catastrophic loss of the classified advertising market to the internet, as the famous 'rivers of gold' run dry. The savage twist in the tale is that the new companies dominating the online advertising market were not just hungry internet start-ups - but one by one, each of the new leaders in the field came under the direct influence of two traditional media tycoons, James Packer and Lachlan Murdoch, both intent on expanding their own online businesses. With exclusive and unprecedented access to both Murdoch and Packer, as well as an extraordinary line-up of Australian business leaders and influential powerbrokers, this is a powerful insiders' story of the deals, the power plays and the machinations behind the influential media organisation's decline.
A riveting, never-before-told tale of Shakespearean dimensions, Killing Faifax is an unputdownable account of corporate ambition and arrogance; fathers and sons; old media and new media; and brutal business dealings. Killing Fairfax is destined for the top of the bestseller list given Australians' fascination with the media and powerful media families. Pamela Williams' impeccable research, revelatory writing style and ability to get key players to speak openly and on the record makes this a book with a broad readership. It is the ultimate Father's Day gift but, more importantly, it adds to our knowledge of an important chapter in our country's newspaper history.
"the first chapter of Killing Fairfax by Pam Williams reads like a thriller. I highly recommend it." - Leigh Sales, Anchor of ABC1 7:30
"Pamela Williams has written a manual for corporate directors and senior managers, who should all be compelled to read it." - Mark Westfield, The Australian
An incisive, hard-hitting and utterly compelling expose of media, powerful mates and multimillion-dollar deals, Killing Fairfax tells the inside story of the decline of hallowed media company Fairfax, publisher of The Sydney Morning Herald, The Age and The Australian Financial Review.
Covering a decade and a half of lost opportunity and mismanagement, this story culminates in Fairfax's catastrophic loss of the classified advertising market to the internet, as the famous 'rivers of gold' run dry. The savage twist in the tale is that the new companies dominating the online advertising market were not just hungry internet start-ups - but one by one, each of the new leaders in the field came under the direct influence of two traditional media tycoons, James Packer and Lachlan Murdoch, both intent on expanding their own online businesses. With exclusive and unprecedented access to both Murdoch and Packer, as well as an extraordinary line-up of Australian business leaders and influential powerbrokers, this is a powerful insiders' story of the deals, the power plays and the machinations behind the influential media organisation's decline.
A riveting, never-before-told tale of Shakespearean dimensions, Killing Faifax is an unputdownable account of corporate ambition and arrogance; fathers and sons; old media and new media; and brutal business dealings. Killing Fairfax is destined for the top of the bestseller list given Australians' fascination with the media and powerful media families. Pamela Williams' impeccable research, revelatory writing style and ability to get key players to speak openly and on the record makes this a book with a broad readership. It is the ultimate Father's Day gift but, more importantly, it adds to our knowledge of an important chapter in our country's newspaper history.
"the first chapter of Killing Fairfax by Pam Williams reads like a thriller. I highly recommend it." - Leigh Sales, Anchor of ABC1 7:30
369 pages, Kindle Edition
First published May 1, 2013
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Displaying 1 - 15 of 15 reviews
November 6, 2013
Fascinating, well-written and researched insight into Fairfax Media's failure to grasp online business opportunities such as SEEK etc. and how the Packer and Murdoch families hatred of Fairfax led to its catastrophic downwards spiral.
January 7, 2023
After reading Paddy Manning’s biography of Lachlan Murdoch, I had to read more about Australia’s old media dynasties. Particularly interested in how they invested in the Ao/NZ media market.
December 19, 2017
IN THE END THE DAMAGE DONE TO FAIRFAX HAS BEEN SELF-INFLICTED. IT HAD SAID NO TO EVERYTHING.
In 96 James Packer had spoken to Daniel Petre who was of the view that the web would transform advertising as well as news.
Packer and Petre forked ecorp in 97.
Was very difficult to persuade KP to trust web businesses. The blowup of Intel vindicated KP's position at the time and humiliated JP who pushed web businesses hard to him.
Rupert Murdoch said to JP about Onetel "It is ok, just make sure you learn from your lessons". KP said to JP "I told you you would fuck it up".
Petre rejected an investment opportunity in 99 in SEK (via ecorp) because he thought NCP/FXJ would squash the company.
JP bought 25% of SEK in 2003 for $33m.
Bassett's decided they preferred employment to real estates as it was a more fragmented market.
The original plan was for Seek to cover employment, realestate and cars eventually, thus the generic name.
Ecorp had a JV with Monster prior to Seek investment.
JP's $33m investment in SEK turned into $440m when he sold.
John McGrath called Lachlan Murdoch in 2000 to help save REA with a cash injection, after floating in 1999. NCP took a 44% stake fir $2.25m and $8.5m in contra advertising.
Ninemsn (JV between MSFT and PBL) owned 10% of REA on float. McGrath had 5%. Ninemsn stake went to 5% when NCP bought in.
In 2005 NCP made a $2 bid for REA. Packer sold but McGrath said it needed to be >$4. Increased stake to 59%. By 2008 was up to 61% via rights issues.
In 97 roebuck convinced Wal Pisciotta (sold computer systems to car dealers to manage partS) to buy the URL carsales.com.au. He was a computer programmer for Wal at the time.
Roebuck caught up every 6 months with Seek for lunch.
In 2000 Pisciatto proposed the car dealers buy 51% of CAR for $15m. They raised just $5m as the dealers were reluctant following the dotcom crash.
Yahoo bought 11.6% stake in CAR in 2000. This was onsold to Fairfax in 2002 as CAR hadn't put conditions on the sale of the sake.
CAR acquired ACP's Trader classified businesses, including Carpoint. In return ACP got 41% of CAR - KP thought the deal was crazy. This diluted Fairfax's stake to 7.6%.
As part of the Super League resolution PBL was granted an option to buy 50% of Foxtels half stake and 50% of its 100% stake in Fox Sports, but with NWS maintaining management control.
KP was very sceptical of PayTV. JP pushed the deal. Paid $227m for the stakes in 1998 and sold to NWS in 2012 for $2b.
KP died in 2005 aged 68.
Tom Cruise took care of JP following the Intel collapse for 3 months.
JP lost the tussle for TME with Fairfax.
JP said he does not trust Macquarie. He believes they solve for themselves, not their clients.
JP made a mid for CAR in 2006 of $1.21. FXJ sold into it but no-one else did. Packer ended up with 51% of CAR which went into the PBL media float to give some internet spice.
Bear Stearn was bought for $2 per share by JPM in 3/08. 9/08 Lehman Bros collapsed. The day before ML sold itself to BofA for $50b, 50% of what it was worth 12months prior.
JP lost $1.7b on $2.3b of investments he made outside of Australia prior to $750m investment in Macau with Lawrence Ho.
Packer sold his investment in SEK in 2008 for $5.05 a share.
Seek was my favourite company out of anything I ever owned (JP). Used the cash to do buybacks to get his stake in CMJ from 40% to 50%.
Kirk had started Fairfax's diversification into internet pure plays in a serious way with TM and then left in the face of concerted resistance fro the Fairfax family.
In 96 James Packer had spoken to Daniel Petre who was of the view that the web would transform advertising as well as news.
Packer and Petre forked ecorp in 97.
Was very difficult to persuade KP to trust web businesses. The blowup of Intel vindicated KP's position at the time and humiliated JP who pushed web businesses hard to him.
Rupert Murdoch said to JP about Onetel "It is ok, just make sure you learn from your lessons". KP said to JP "I told you you would fuck it up".
Petre rejected an investment opportunity in 99 in SEK (via ecorp) because he thought NCP/FXJ would squash the company.
JP bought 25% of SEK in 2003 for $33m.
Bassett's decided they preferred employment to real estates as it was a more fragmented market.
The original plan was for Seek to cover employment, realestate and cars eventually, thus the generic name.
Ecorp had a JV with Monster prior to Seek investment.
JP's $33m investment in SEK turned into $440m when he sold.
John McGrath called Lachlan Murdoch in 2000 to help save REA with a cash injection, after floating in 1999. NCP took a 44% stake fir $2.25m and $8.5m in contra advertising.
Ninemsn (JV between MSFT and PBL) owned 10% of REA on float. McGrath had 5%. Ninemsn stake went to 5% when NCP bought in.
In 2005 NCP made a $2 bid for REA. Packer sold but McGrath said it needed to be >$4. Increased stake to 59%. By 2008 was up to 61% via rights issues.
In 97 roebuck convinced Wal Pisciotta (sold computer systems to car dealers to manage partS) to buy the URL carsales.com.au. He was a computer programmer for Wal at the time.
Roebuck caught up every 6 months with Seek for lunch.
In 2000 Pisciatto proposed the car dealers buy 51% of CAR for $15m. They raised just $5m as the dealers were reluctant following the dotcom crash.
Yahoo bought 11.6% stake in CAR in 2000. This was onsold to Fairfax in 2002 as CAR hadn't put conditions on the sale of the sake.
CAR acquired ACP's Trader classified businesses, including Carpoint. In return ACP got 41% of CAR - KP thought the deal was crazy. This diluted Fairfax's stake to 7.6%.
As part of the Super League resolution PBL was granted an option to buy 50% of Foxtels half stake and 50% of its 100% stake in Fox Sports, but with NWS maintaining management control.
KP was very sceptical of PayTV. JP pushed the deal. Paid $227m for the stakes in 1998 and sold to NWS in 2012 for $2b.
KP died in 2005 aged 68.
Tom Cruise took care of JP following the Intel collapse for 3 months.
JP lost the tussle for TME with Fairfax.
JP said he does not trust Macquarie. He believes they solve for themselves, not their clients.
JP made a mid for CAR in 2006 of $1.21. FXJ sold into it but no-one else did. Packer ended up with 51% of CAR which went into the PBL media float to give some internet spice.
Bear Stearn was bought for $2 per share by JPM in 3/08. 9/08 Lehman Bros collapsed. The day before ML sold itself to BofA for $50b, 50% of what it was worth 12months prior.
JP lost $1.7b on $2.3b of investments he made outside of Australia prior to $750m investment in Macau with Lawrence Ho.
Packer sold his investment in SEK in 2008 for $5.05 a share.
Seek was my favourite company out of anything I ever owned (JP). Used the cash to do buybacks to get his stake in CMJ from 40% to 50%.
Kirk had started Fairfax's diversification into internet pure plays in a serious way with TM and then left in the face of concerted resistance fro the Fairfax family.
February 24, 2015
This gives an interesting insight into an era old journos like me find sad. It's right, the fools, thinking the rivers of gold would go on forever, didn't see the online future coming. But Lachlan Murdoch and James packer are a bit premature if they think they killed Fairfax. Last I saw the SMH and the Age were still printing. True, they are shadows of their former selves but they are better than the print opposition. Methinks there's a few twists and turns to come.
October 12, 2025
A well researched account of how the scions of the Packer and Murdoch families, two of the great Australian dynasties of the 20th century, foresaw the future and managed to eliminate a historic rival.
July 26, 2019
The entire time I was reading this book I kept thinking “god this is just an article from the AFR on steroids”, then I found out that the author is actually a journalist for The Australian.
Anyway, the key takeaway I had from this book is that it sucks not being the son of a media titan.
Anyway, the key takeaway I had from this book is that it sucks not being the son of a media titan.
July 7, 2019
Good page turner. Well written.
August 29, 2013
‘Fairfax had fallen fast and far.’
This book, by Pamela Williams, editor-at-large of the Australian Financial Review, is about how Fairfax Media lost classified advertising to three companies backed by James Packer and Lachlan Murdoch. The three companies are Seek (online recruitment, backed by Packer), REA (online real estate, backed by Murdoch) and Carsales (online vehicle sales, backed by Packer). These three businesses are worth over $9 billion, while Fairfax is worth just over $1 billion. Not long ago, Fairfax was dominant. What went wrong?
The book opens with James Packer and Lachlan Murdoch having lunch in August 2012:
‘As they lifted their glasses in a toast, James Packer said: “Fairfax didn’t see any of this coming. They thought it was all beneath them. They thought we were idiots. You know, I think we killed Fairfax." “I think so,” said Lachlan Murdoch.’
Fairfax is still alive, but it is a shadow of its former self.
This story is a contrast between different operating models. On one side, mismanagement seems a consequence of fixed assumptions about advertising revenue and complacency about the long term stability of existing business models. On the other side, opportunity was seized with entrepreneurial eagerness. Murdoch and Packer did not create these three businesses, but they acted decisively to take positions in them. Description of the establishment of the three businesses (Paul and Andrew Bassett and Matt Rockman – Seek; Greg Roebuck and Wal Pisciotta – Carsales; Karl Sabljak and Martin Howell – REA) is interesting reading. Those businesses were making their own inroads into Fairfax’s ‘rivers of gold’ before James Packer and Lachlan Murdoch became involved.
The Fairfax, Murdoch and Packer names have each had a long association with media in Australia. But where Murdoch and Packer seemed to adapt to change, Fairfax seemed to be trying to maintain a print-oriented past into an increasingly digital future.
Fairfax now has a new CEO – Greg Hywood – and it remains to be seen whether he can turn the company around.
I found this book very interesting, and well worth reading by anyone curious about Australian mass media. It’s also a fascinating case study in business management and mismanagement.
‘The halcyon days of the Australian media were gone.’
Jennifer Cameron-Smith
This book, by Pamela Williams, editor-at-large of the Australian Financial Review, is about how Fairfax Media lost classified advertising to three companies backed by James Packer and Lachlan Murdoch. The three companies are Seek (online recruitment, backed by Packer), REA (online real estate, backed by Murdoch) and Carsales (online vehicle sales, backed by Packer). These three businesses are worth over $9 billion, while Fairfax is worth just over $1 billion. Not long ago, Fairfax was dominant. What went wrong?
The book opens with James Packer and Lachlan Murdoch having lunch in August 2012:
‘As they lifted their glasses in a toast, James Packer said: “Fairfax didn’t see any of this coming. They thought it was all beneath them. They thought we were idiots. You know, I think we killed Fairfax." “I think so,” said Lachlan Murdoch.’
Fairfax is still alive, but it is a shadow of its former self.
This story is a contrast between different operating models. On one side, mismanagement seems a consequence of fixed assumptions about advertising revenue and complacency about the long term stability of existing business models. On the other side, opportunity was seized with entrepreneurial eagerness. Murdoch and Packer did not create these three businesses, but they acted decisively to take positions in them. Description of the establishment of the three businesses (Paul and Andrew Bassett and Matt Rockman – Seek; Greg Roebuck and Wal Pisciotta – Carsales; Karl Sabljak and Martin Howell – REA) is interesting reading. Those businesses were making their own inroads into Fairfax’s ‘rivers of gold’ before James Packer and Lachlan Murdoch became involved.
The Fairfax, Murdoch and Packer names have each had a long association with media in Australia. But where Murdoch and Packer seemed to adapt to change, Fairfax seemed to be trying to maintain a print-oriented past into an increasingly digital future.
Fairfax now has a new CEO – Greg Hywood – and it remains to be seen whether he can turn the company around.
I found this book very interesting, and well worth reading by anyone curious about Australian mass media. It’s also a fascinating case study in business management and mismanagement.
‘The halcyon days of the Australian media were gone.’
Jennifer Cameron-Smith
January 5, 2015
Provides some interesting insights and stories relating to the topic, but spends too much time reiterating previously discussed topics to the point that it feels the information could have been delivered in far less pages.
October 15, 2013
Very interesting, proves you can't be close minded, always look at new ideas
September 30, 2014
Great account of the transition to the digital age
December 28, 2013
Insightful, yet not as dynamic as I thought it would be to move through.
August 7, 2014
Excellent read, very intereting hearing the stories of some of the first wave of Aussie startups as well as Fairfax.
September 2, 2015
Excellent insight into the world of huge dollars.
May 1, 2017
It is badly edited, which becomes annoying. Not in terms of typos (though website addresses are often broken over two lines), but how information is repeated over and over in subsequent chapters, e.g. Packer's deal with Seek. It reads as if the chapters were written separately, and then combined without anyone checking how they flowed together. Williams' sympathy for Packer is very evident, with Lachlan Murdoch barely getting a look-in. Rupert does feature quite strongly though.
It's also obvious how male-dominated this world is. Women are the wives, girlfriends, sometimes not even given names. Only Gina Rinehart manages to barge her way into focus. This isn't a fault of either the writing or editing; it's just an unfortunate refection of the reality of the top ranks of Australian and global media companies.
It's also obvious how male-dominated this world is. Women are the wives, girlfriends, sometimes not even given names. Only Gina Rinehart manages to barge her way into focus. This isn't a fault of either the writing or editing; it's just an unfortunate refection of the reality of the top ranks of Australian and global media companies.
Displaying 1 - 15 of 15 reviews