FAIRFAX Media risks becoming a “stranded asset” as bets rise the media landscape is about to be reshaped by a wave of merger and acquisition activity. Despite the ownership and concentration laws restricting some deals, media analysts believe deals are likely sooner rather than later as a lack of earnings growth forces chief executives to consider consolidating their businesses. Under one scenario, Fairfax could sell its struggling radio division, initiate an initial public offering of real estate listings business Domain and bid for Nine Entertainment in a $4 billion takeover. If Fairfax offloaded its talkback radio stations to advertising baron John Singleton’s Macquarie Radio, the move would prevent Fairfax invoking the “two out of three” rule, which prevents any one media company owning more than two of the three traditional platforms — TV, radio and print — in a single market.