SYDNEY: Shares in John Fairfax Holdings Ltd, Australia's second largest publisher, may lead gains among the nation's newspapers this year as higher advertising revenue and lower newsprint costs bolster profits.
Fairfax, publisher of the Australian Financial Review, and Perth-based West Australian Newspapers Holdings Ltd are Merrill Lynch & Co's two top publishing picks for 2004. Their revenue and earnings potential were being “revitalised'', Merrill media analyst Patrick Russel said in an interview.