Fairfax Media Ltd (ASX:FXJ) has rejected a bid by a syndicate of wealthy Melbourne families to buy The Age and radio station 3AW, that’s according to a report by The Australian.
The group, led by Ron Walker approached the company on the basis of the potential sale of its radio assets, but informal discussions were cut short by the company’s board. Fairfax chairman Roger Corbett is believed to have said The Age was not for sale and 3AW would not be separated from the sale of the radio portfolio.
For the six months to December 2010, Fairfax Media reported a net profit of $173 million.
