In breaking news this morning Fairfax and Nine have announced they will be merging.
Nine will be the dominant partner, with its current shareholders holding 51.1 per cent of the merged company's shares, and the current Nine chief executive and chairman leading the combined firm.
Fairfax will contribute three directors to a board of six.
The proposed merged media giant will include Nine's free-to-air television network, digital advertising businesses, streaming services, Fairfax's newspapers and online publications, as well as Fairfax's Macquarie Media radio interests.