Fairfax shuns Macquarie Media stake offer

Fairfax Media has rebuffed an approach for its 54.5 per cent stake in ASX-listed 2GB radio owner Macquarie Media.

Fairfax Media has rebuffed an approach for its stake in 2GB radio owner Macquarie Media. (AAP)

Fairfax Media has rebuffed an approach from a consortium including advertising entrepreneur John Singleton for its 54.5 per cent stake in Macquarie Media.

Fairfax, which itself is subject to rival takeover bids, on Monday confirmed that Mr Singleton and long-time adviser Mark Carnegie are part of a consortium wanting to buy the radio broadcaster.

Fairfax said in a statement to the ASX it has no plans to sell its shares in Macquarie Media, the owner of the 2GB network.