Fairfax Media shares slide

Picture: Thierry Orban/Getty Images

Shares in Fairfax dropped hard after two private equity groups failed to firm their bids for the Australia media group.

A short time ago, the shares were down more than 11% to $0.975.

Fairfax Media today announced it had stopped talks with both the TPG Consortium and Hellman & Friedman because it hadn’t received a binding offer for the whole of Fairfax from either.

The company says it is making progress in preparing the Domain online property listing business for a separate ASX listing by the end of 2017.