Fairfax gets revised bid from TPG, includes NZ publications

Fairfax said the consortium offered a revised bid, including its New Zealand publications. Photo / Bloomberg

Fairfax Media has received a revised A$2.76 billion ($2.97b) proposal from a consortium led by US-based private equity giant TPG Capital and Canada's Ontario Teachers' Pension Plan Board.

Fairfax said the consortium on Sunday offered an all-cash deal at a price of $1.20 per Fairfax share for all of the media company, including its New Zealand newspapers and website Stuff.

The target company's board is reviewing the revised bid and will update shareholders when it has been fully assessed, it said.

Meanwhile, Fairfax New Zealand this morning said it could reduce publishing the Nelson Mail to three or four days a week, down from the present six.

The announcement comes as the company's Marlborough Express newspaper begins being published three days a week.

Fairfax Media group executive editor Sinead Boucher said the company has been open about the need to change its business model.

"The change we believe needs to happen reflects the modern ways people are choosing to get their news - and the need for better and more targeted ways for advertisers to reach our audiences."

"The changes are about sustaining the Nelson Mail's presence. We've taken learnings from Marlborough where the feedback received from the community was vital in shaping a solution that worked for the region. We hope the same will come from feedback on our
Nelson model."