Speculation of a possible tie-up between Fairfax Media and Network Ten has boosted the share prices of the media organisations.
Fairfax and Ten bosses have reportedly held talks about a merger, as each company battles the financial pressures caused by falling advertising revenue.
A Fairfax spokesman played down the significance of the meeting.
"The media industry is a dynamic environment. In that context we meet everybody about everything. At this stage no meeting has any more status than any other," he said.
A spokesman for Ten declined to comment.
The speculation has caused Ten shares to rise as much as 12 per cent on Monday, while Fairfax gained up to five per cent.
Ten shares were up 1.25 cents, or 6.1 per cent, at 21.75 cents at 1444 AEDT, while Fairfax had gained two cents, or 2.56 per cent, to 80 cents.
Peter Esho, managing partner at wealth manager 100 Doors, said talk of a merger was "highly speculative" and share price gains, particularly for Ten, could be short lived.
"Any prospect that Ten doesn't have to raise equity will have an impact on its share price because it has hit rock bottom," he said.
"But there's been so much speculation about Ten over the last few years, so unless this is backed up, these gains will quickly fall away."
Media ownership laws and each company's mix of powerful shareholders also pose major obstacles to any merger, CMC Markets chief strategist Michael McCarthy said.
"Any attempt to bring the two organisations together could be quite powerful," he said.
"However, there are big issues, including the rationalisation of the media ownership laws and the fact there are some very significant people on both registers.
"Bringing them together is not as simple as banging together two widget manufacturers."
Ten's major shareholders include mining magnate Gina Rinehart, News Corp non-executive co-chairman Lachlan Murdoch, Crown Resorts chairman James Packer and WIN Corporation owner Bruce Gordon.
Ms Rinehart reportedly wants to resign from Ten's board, but a spokesman for the billionaire has told AAP she will retain her investment in Ten.
A Ten and Fairfax merger would also require Fairfax to sell its radio business, in order to comply with current ownership laws.
Media companies are restricted from reaching more than 75 per cent of the population and from owning a TV station, radio station and newspaper in the same market.
Fairfax has recently partnered with Ten's rival, Nine Network, to set up a $100 million online video streaming service to take on the likes of US-based Netflix.
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