UBS sell position in Fairfax Media

The Australian have reported that substantial shareholder in Fairfax Media, UBS, has sold its position in the company.

The investment bank acquired 5% of Fairfax's shares 2 months ago. It's understood that UBS took a short position in the stock.

Last month The Australian reported that UBS could be handling a potential merger between Fairfax Radio and the Macquarie Radio Network.

Talks between the 2 companies are apparently continuing with no outcome as yet.

Fairfax Media will hold their AGM this Thursday.

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