As Canwest’s stock price continues in penny territory, a bottom-feeding Fairfax Financial Holdings has raised its stake in the troubled media group yet again.

Fairfax, which has steadily built its stake in Canwest since 2006, this week sucked up another 2.92 million subordinate voting shares to take its total holdings in that class of shares to 22.41% — and a 12.5% overall stake in the Winnipeg-based media group.

Fairfax in a statement said it picked up more shares for ‘investment purposes’ and may return to the market to extend its long position in the media group.

Whatever Fairfax’s ultimate endgame, the Asper family needn’t be worried, as they control Canwest through a web of multiple-voting stock. And Fairfax in the past has been rumored as a possible partner for the Aspers should they take Canwest private amid the continuing market carnage.

Stock in Canwest has been heavily beaten down of late because of general concern over media stocks as a recession looms, and by specific attention from investors and credit rating agencies as to how the Aspers will pay down the company’s $3.7-billion debt load.

Shares in Canwest on Thursday traded at $0.92, down 2 cents on the day, and well off a 52-week high of $7.52.