Australian media mammoths Nine Entertainment and Fairfax have consented to merge, making what they say will be the country’s “largest integrated media player”.

The unexpected deal, worth an estimated £2.25bn; gives Nine Entertainment a 51.1% stake. The new business will be known as Nine.

Australia has a profoundly consolidated news media industry.

The loss of the name Fairfax, an organization established in 1841, was bemoaned by many.

The merger wraps in Nine’s TV station, one of the country’s greatest, and Fairfax newspapers including The Sydney Morning Herald, Melbourne’s The Age and The Australian Financial Review.

It likewise incorporates Fairfax’s numerous radio and digital assets, including news sites in different cities and property listings business Domain.

Present and former Fairfax representatives went along with others in expressing sadness about the merger.

The merger will create at least A$50m in cost savings over two years, the organizations said. They didn’t state if this would include job losses.

Fairfax CEO Greg Hywood stated: “There will be plenty of Fairfax Media DNA in the merged company and the board.”

The deal should be affirmed by the shareholders and market regulators but is to be finished before the year is over.