Between 2005 and 2009, Walker was chairman of Fairfax Media, publisher of both "The Age" and "The Sydney Morning Herald" newspapers and a range of other media assets. Walker decided to not seek re-election as chairman of the Fairfax board following a public and acrimonious boardroom dispute in 2009. By June 2011, Walker was reported as leading a group of wealthy Melbourne investors that approached Fairfax Media and sought to acquire "The Age" and radio station 3AW from Fairfax. However, their approaches were rebuffed.