From the Crikey grapevine, the latest tips and rumours …

All's Fairfax in love and bidding war. The battle for control of the Fairfax media empire is hotting up, as the two current suitors -- TPG, and Hellman and Friedman, both US private equity players -- begin due diligence. But there is another party with a seat at this table, of course: Fairfax itself, which is salivating at the prospect of drumming up a hot auction between the two American bidders. The current task of the Fairfax board and executives -- many of whom will benefit financially from a sale -- is to talk up the value of their company and have the bidders' tongues hanging out. Which isn't all that hard if you own the country's premier financial newspaper, the Financial Review, and can use it to spruik the genius of the company in building its Domain property business, which is the core of Fairfax's value and the only reason for interest in buying the whole company. 
Although the word "genius" wasn't mentioned in this big story in today's Fin -- former Facebook exec Stephen Scheeler says boards are missing mobile revolution -- that was the underlying message to bidders: