Fairfax Media shares have shot up, with market analysts speculating that Australia's richest person Gina Rinehart has increased her stake in the company to 10 per cent.
Two large parcels totalling 120 million shares were bought before the market opened for 81.77 cents, a 10 per cent premium on Tuesday's closing price of 74 cents.
Fairfax shares had shot up seven cents, or 9.46 per cent, to 81 cents by 1040 AEDT.
News Corp shares had lost six cents to $18.33, while Ten Network Holdings stocks, of which Rinehart owns 10 per cent, had increased by three cents to 91 cents.
It has been reported that Rinehart, a mining multi-billionaire, had enlisted stockbrokers Morgan Stanley to approach fund managers in a $192 million attempt to acquire 10 per cent of Fairfax and become its biggest shareholder.