Fairfax Media's New Zealand business has been included in a revised $A2.76 billion takeover bid.
A consortium which includes the private equity firm TPG Group and Ontario Teachers' Pension Plan Board are offering $A1.20 a share.
TPG had originally offered $A0.95 for Fairfax's real estate business, Domain, and its main newspapers in Australia.
Fairfax's stable in New Zealand includes the Stuff website, and newspapers such as the Dominion Post and The Press.
The media company said it was reviewing the latest offer.
Earlier this month the Commerce Commission declined a merger proposal between the New Zealand arm of the company and NZME - another major news producer in New Zealand that owns The New Zealand Herald and a raft of radio stations.
The commission said the merger would have concentrated media ownership and influence to "an unprecedented extent".
It comes as Fairfax plans to axe 125 editorial positions in Australia in a cost-cutting exercise.