Quality news has been in the news recently, and I should take a brief moment to talk about some of the recent events at Fairfax Media that you would have read or heard about.

As I've said, media is going through a fundamental transformational change - Benkler's network model. To succeed, companies are going to need to be flexible and adaptable - yesterday's strategies just won't cut it anymore.

To see the truth of that statement, one only has to look at the state of the newspaper industry in the United States and to a slightly lesser extent, the UK. Newspapers in the US didn't invest in their product; they didn't move to address the migration of classified advertising online; and they didn't extend their brands and audiences by creating strong, credible websites. As a result, the industry in the US is facing desperate times.

Fairfax, on the other hand, did invest in its newspapers - better printing, colour, magazine inserts are examples. We did create strong online classified businesses - maybe not as aggressively as we would have liked in hindsight, but successful and growing nonetheless. And we have significantly expanded our audience online - both in numbers and in diversity.

We decided several years ago to play offence on the internet - and continue to build great newspapers. It's a far stronger position to be in.

But it's not a static position. We need to continue to adapt to the changes we face. And the single biggest challenge in my view is the question of how do we continue to deliver quality journalism that will allow us to maintain a strong relationship with our audience and our community while also maintaining a viable commercial model that underpins that content. As a content company, which is what we are, everything else is secondary to that objective.

If Fairfax is going to become the integrated media company we aspire to be, we need to be able to efficiently and effectively deliver our quality journalism to anyone, anywhere, anytime. That means that the processes that underpin the creation and distribution of our content need to be efficient and cost-effective. And it means that we maintain a solid level of journalism resources.

The business improvement initiatives that Fairfax announced two weeks ago directly address those issues. Far from resulting in a lessening of our commitment to quality journalism, they are, in fact, exactly the opposite. They are a commitment that we will have an organisation and a structure that will ensure that we are able to deliver that quality journalism well into the future in a rapidly changing media environment. For over 175 years Fairfax has represented the best of quality journalism - and that is not going to change.

In fact, we've never been more excited about our opportunities. But only if we have a clear vision and are disciplined and focussed enough to act on that vision.

We have the opportunity to more deeply engage our audience than ever before. Technology now allows us to distribute our content to anyone, anywhere, anytime. We've never been able to do that before. More people read our content today than at any time in the 177 years Fairfax has existed. And that's what we call successful quality journalism.