Mining magnate Gina Rinehart buys 12.8% stake in Fairfax
Mining billionairess Gina Rinehart last night increased her stake in Fairfax to almost 13%.
Rinehard is now the single biggest shareholder of the publisher of The Sydney Morning Herald, The Age in Melbourne and the Australian Financial Review.
Rinehart has a 10% stake in Ten as well, although media ownership laws stop her from owning more than 15% of either Ten or Fairfax.
The news comes two months after the Fairfax family withdrew its shareholding in the company.
It’s going to be sooooo sweet when Mum buys the newspaper businesses and she makes Dad editor in chief. We will have the most awesomest platform from which to influence public policy.
We will be able to dedicate the fist (say) 8-10 articles each issue on how Julia Gillard sux, Alan Jones rules and the greenies are taking away all the jobs.
Why does she need to buy the papers?
They quite easily had K Rudd removed when he wanted to tax them.
Although this is quite cool, because is makes Fairfax the bad guys instead of Murdoch and news!
Mum’s buying the papers because it’s cheaper to spend $200M and buy these lame socialist newspapers instead of having to threaten the government with a $30M anti mining tax advertising campaign each year. It’s just a more efficient way to manipulate the media.
Like for instance, it’s just dumb paying these Australian’s $150k to work in the mines. We will agitate for 457 visas to be opened up so we can employ some dark skinned chaps to do the same job. At a more reasonable wage of course.
Sorry advertising people.
But your probably all greenies anyway.
Dad will come in and make them proper newspapers. Not some lamestream media.
when she buys mumbrella all the aforementioned comments will be removed.
I think she should be investing her money in Photon….
12.8% stake today, 49% stake tomorrow.
And this after Good Weekend ran a less than glowing article about her two weeks ago! Also the Same day that she’s in the NSW Courts trying for a suppression order about the current stoush with her erstwhile offspring, you couldn’t write a better Soap Opera plot could you!?
The lesson: when Gina gets mad, she buys the rug from under you and wipes her ass with it. Bye Fairfax, it’s been a hoot.
Sorry if this post is all a bit glib, I think I’m just a bit shocked at how two dimensional we’re becoming.
Ah well, wonder what’s on Fox 8 tonight…
Snap! Good Weekend ran the article running one line where it references her being a baby elephant………
Bye fair fax.