Fairfax bids $2.9 b to merge with Rural Press

Fairfax Media and Rural Press are to merge and create Australasia's largest integrated metropolitan, regional and rural print and digital media business, the companies said.

Fairfax will offer a cash and scrip merger proposal for the entire issued capital of Rural Press and the combined business will have a value of over $9 billion.

The merger would positions the combined business to take advantage of rapid growth in online media, the companies said.