Fairfax Media Limited (ASX:FXJ) will reportedly today meet to canvas a $1 billion-plus write down, with the result expected to be revealed among the company's annual results on August 23, 2012.

According to a News Corp publication falling earnings and circulation drops have fueled expectations that Fairfax publications, including the Sydney Morning Herald and The Age, boast inflated valuation figures in a weakening advertising market. 

According to the report today’s meeting will be the first for recently appointed board member Jack Crowin, a major ally of Fairfax majority shareholder Gina Rinehart.

Earlier this week Gina Rinehart’s owned Hancock Prospecting lobbied for shareholder backing on the implementation of new strategies.
 
In the first half of its 2012 financial year Fairfax recorded a net profit of $97.6 million.