Arab Today, arab today australia’s richest person rinehart shakes up media
Last Updated : GMT 05:24:37
Arab Today, arab today
Arab Today, arab today

Australia’s richest person Rinehart shakes up media

Arab Today, arab today

Arab Today, arab today Australia’s richest person Rinehart shakes up media

Sydney - AFP

A shock move by Australia’s richest person Gina Rinehart into quality newspaper group Fairfax is likely designed to build her influence and reflects the rise of the nation’s mineral wealth, analysts say. Her recent Aus$145.9 million (US$157 million) share purchase came as explosive details of the iron ore heiress’s feud with three of her four children came to light, including emails in which her family plead for bodyguards. Rinehart, whose fortune is said to have the potential to rival the world’s richest men Carlos Slim and Bill Gates, has not commented on her investment in the firm which publishes The Sydney Morning Herald and The Age. But when news of the purchase broke, Australia’s Communications Minister Stephen Conroy was the first to say that Rinehart, who has been critical of a government mining tax, was seeking to exert her influence. Media analyst Peter Cox agrees the foray by Asia-Pacific’s richest woman, which follows her decision to take a stake in free-to-air television station Network Ten, was aimed at having her voice taken more seriously. “Like around the world, you wouldn’t be investing in newspapers... or free-to-air television as a financial investment for the future when both of these industries are facing both structural and cyclical changes,” he told AFP. “I think that would be illogical. Without a doubt she is buying Fairfax shares to have influence.” Cox said he had concerns about Rinehart’s move in Australia, where he said Rupert Murdoch’s News Limited already holds about 68 percent of newspaper circulation, with Fairfax the next biggest player with some 24 percent. The nation has a history of media proprietors such as Murdoch and the late Kerry Packer not having to lobby governments but tending to “pick up the phone themselves and ring the prime minister”, he said. “We already have one person who has a very hands-on approach to the media industry around the world... in the form of Rupert Murdoch.” Cox said that while Fairfax, with its prestigious titles including the Australian Financial Review, had a long and distinguished history of robust reporting, if a powerful figure controlled the group it would be a concern. Fairfax has successfully fought off attempts for control in the past, including by Packer as well as disgraced Canadian magnate Conrad Black whose ambitions were thwarted due to government media ownership laws. Leading media scholar Rod Tiffen, of Sydney University, said Rinehart’s move did not seem “like a wonderfully profitable prospect”. But at the same time he said Rinehart, who is worth an estimated US$18 billion, was unlikely to change Fairfax’s editorial direction given that “the most important thing that Fairfax mastheads have is their credibility”. “And if she started doing things that messed around with that then it would be damaging to the brand. Board members wouldn’t put up with it,” he told AFP. Fairfax has shown no signs of pandering to the deeply private Rinehart since she first bought into the company in 2010, printing details of her relationship with her children, including excerpts of emails in which they plead for cash. “I don’t think you understand what it means now that the whole world thinks that you’re going to be wealthier than Bill Gates — it means we all need bodyguards and very safe homes,” her daughter Hope Welker wrote last year. “I don’t have the money to protect myself or my children and it scares me.” Media analyst Steve Allen, managing director of Fusion Media, said there was “no question” that Rinehart held firm views, but he said the Fairfax mastheads would not bow to her influence even if she joined the board. “I mean 175 plus years of the board being the board and the journalists being journalists and one person buys a stake and it’s all over red rover — please! It’s just silly,” he told AFP. For some, Rinehart’s move is merely an announcement that the incredible mining wealth of her home state of Western Australia, which is driving the national economy, has arrived. Fellow mining billionaire Clive Palmer, whose interests are in coal in the eastern state of Queensland, has also said he would consider joining Rinehart in a Fairfax investment. “It’s a changing of the guard in the sense of mining wealth throwing its muscle into new areas,” said Tiffen.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia’s richest person rinehart shakes up media Arab Today, arab today australia’s richest person rinehart shakes up media

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australia’s richest person rinehart shakes up media Arab Today, arab today australia’s richest person rinehart shakes up media

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday