Rinehart increases Fairfax stake again

Gina Rinehart has increased her shareholding in Fairfax Media to 18.67%, the ASX was told this afternoon.

In an update to the market, the shares are listed in the name of Georgina Hope Rinehart and her mining company Hancock Prospecting Pty.

The announcement comes as Rinehart is widely expected to increase her stake to just below 20% as she bids for seats on the Fairfax Media board.

This morning Fairfax Media unveiled its “Fairfax of the Future” project which will see The Sydney Morning Herald and The Age eventually go tabloid, with the possibility of printing ceasing altogether. Paywalls will also be switched on, and 1800 jobs will go.

Rinehart’s opponents fear she will use Fairfax media as a tool to promote a pro-mining tax agenda.


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