Fairfax Media has announced a major restructure which will see it charge for digital content, close its two major printing presses and move to a new tabloid-size paper.

According to an announcement made to the sharemarket and staff this morning, the company plans to begin charging for access to certain online content by the end of 2012.

It will also introduce a new tabloid-sized format, which it called a ‘compact’ for The Sydney Morning Herald and The Age, similar  to the one currently used for the Australian Financial Review since March 4, 2013.

Read more in The Australian or further reading in The Age.