MARK COLVIN: Shares in Fairfax Media today fell to their lowest level on record, just 44.5 cents. Analysts say the publisher of the Sydney Morning Herald and The Age newspapers is in crisis. The question now is whether Fairfax can survive the biggest shake-up in its history. Finance reporter David Taylor has been following developments. DAVID TAYLOR: As hard as Fairfax's chief executive tried to sell the company's future to investors yesterday, the company's largest shareholder, Gina Rinehart, wasn't buying it. In fact she was selling it. Late yesterday she tried to offload a 5 per cent stake in the company through broker Morgan Stanley. It's an enormous amount of shares. Her dealers were looking for anyone willing to take up Fairfax at 50 cents a share. This is how stockbroker Marcus Padley describes the initial sale process.