Fairfax Media has confirmed it has received an unsolicited approach from a consortium led by private equity company TPG capital.

Fairfax chief executive Greg Hywood wrote to staff on Sunday evening confirming the "preliminary indicative" proposal and pointing out it was still subject to a number of conditions including approval by the Foreign Investment Review Board (FIRB).

Mr Hywood said TPG's proposal would see it acquire Domain, Australian Metro Media (including the Sydney Morning Herald, The Age and the Australian Financial Review) as well as the company's events and digital ventures.

The deal's proposed structure would mean shareholders would receive cash for the assets TPG bought and scrip for the company holding Fairfax's New Zealand business, its regional and community newspapers, radio assets and 50 per cent share of online streaming network Stan.