With its share price sliding to record lows, Fairfax Media is now in the invidious position of having the most wildly optimistic balance sheet of any ASX 200 company.

When its latest statutory earnings were released on February 23, page 9 revealed that the dominant item on the balance sheet was $5.1 billion worth of intangibles. Note 7 on page 20 of the interim report provided the following breakdown of those intangibles: