The Fairfax media name may outlive the proposed 4 billion dollar takeover by Nine Entertainment.
Former chief executive of majority Fairfax owned real estate site, Domain, Antony Catalano, has made a last minute bid to block the merger.
In a letter to Fairfax chairman, Nick Falloon, Mr Catalano offered to acquire up to 19.9% of Fairfax Media.
The Media, Entertainment and Arts Alliance support the block, saying the merger will reduce coverage of public national interest.