Some analysts believe Fairfax Media is now vulnerable to a takeover bid that would result in the company being broken up after its shares plunged to a new low.
The company ended Friday at a record low of A45.5 cents per share following the announcement on Thursday of a full-year loss of $A2.7 billion and an unsuccessful attempt by investor Gina Rinehart to sell a third of her stake.
Late on Thursday Ms Rinehart tried to sell a 5% stake through broker Morgan Stanley, with her dealers looking for anyone willing to buy at A50 cents per share. But the ABC reports there were no buyers at that price.
BBY analyst Mark McDonnell says Fairfax Media is in crisis and is vulnerable to a takeover with the share price so low.
"It's more and more likely that a private equity player will step up and look to delist," he said.
"It's also possible that there could be some break-up of the different assets in the business."
Mr McDonnell said a fall in advertising had continued to hit Fairfax hard, and growth in its online businesswas not enough to compensate for the decline in its core businesses.