In a fresh move to separate itself from print publishing, media giant Fairfax plans to book almost $1bn in impairment charges for its print assets in its 2016 annual report.

According to Fairfax, the $989m worth of write-downs reflect the group’s major shift towards digital only publishing, as chief executive Greg Hywood looks to put a full stop next to weekday print publishing.

“The Australian Metro Media adjustments reflect the market realities that the Metro business is facing, and the change to segment reporting,” says Hywood.

“The considerable work done to transform the publishing business has created flexibility and optionality around the future, and we are confident in our plans to transition to our new sustainable publishing model.”

A breakdown of impairment charges will see $484.9m for Australian Metro Media, $408.8m for Australian Community Media and $95.3m in New Zealand.

“The impairment charges reflect the separation of the business units and the outcome of the review process including the allocation of assets between Australian Metro Media and Domain,” Fairfax states in the report.

Masthead titles including The Age, the Australian Financial Review and the Sydney Morning Herald are just some of the newspapers on Fairfax’s weekly print chopping block

Fairfax also revealed plans to move its crown jewel for profit, Domain, out of metro publishing and into its own grouping.

The money-spinning property business represented around two-thirds of Fairfax's total earnings for the last financial year, compensating for the publishing goliath’s mounting print slump.

The group is due to report its full-year earnings next week, and assert the impairments outlined will not influence its ability to pay dividends.

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