The chief executive and chairman of News Limited, John Hartigan, says the decree further erodes the "basic tenets of democracy" in Fiji.
"This illegal government has retrospectively withdrawn permission for foreign media investment in Fiji, which is not only grossly unfair but will inevitably be enormously damaging to Fiji's reputation as an attractive investment opportunity."
In the face of what he called "draconian restrictions", he doubted whether there would be a prospective buyer for the newspaper, which employs 180 journalists and up to 1,000 people indirectly.
"One of two things is likely to result from this: closure of the Fiji Times or a takeover by a compliant new party by the end of September... either of these scenarios means a voice of democracy that has campaigned tirelessly on behalf of the people may be silenced."
Pictured: Pondering the future - Hartigan and Rupert Murdoch