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Gina Rinehart, Fairfax Media's largest shareholder, has called on chairman Roger Corbett to agree to a "performance milestone".

Gina Rinehart, Fairfax Media's largest shareholder, has called on chairman Roger Corbett to agree to a "performance milestone" of returning the company's share price to 87 cents and reverse "the five-year decline in paid circulation and revenue".

In a letter to Mr Corbett, released to this website, Mrs Rinehart said the performance of Fairfax over the past five years had been "distressing for shareholders".

The letter, in the form of an ultimatum, came after the Fairfax board on Wednesday announced it would not be able to give Mrs Rinehart a board seat citing disagreements over editorial independence.

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Open letter ... Gina Rinehart. Photo: Jim Rice

In a statement late today, Fairfax returned fire, disputing her statement that the differences with the board were not about editorial control and calling on Mrs Rinehart to bid for the company if she wants control.

"Contrary to Mrs Rineharts repeated assertions that this isnt about editorial control - it is. It is also about her obtaining control of the company and not paying a premium.

Cutting the loss

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Battle gets personal