Gina Rinehart bankrolls purchase of 10% stake in Seven network owner Southern Cross Media
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The $26m deal involving media executive Bruce Mc William signifies return to media business for mining billionaire after previous holdings in Fairfax and Ten Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Gina Rinehart, Australia’s richest person, has bankrolled former Seven media executive Bruce Mc William’s acquisition of an almost 10% stake in Southern Cross Media, which owns the Seven Network, the Triple M and Hit radio brands and West Australian Newspapers.While the unusual arrangement – worth about $26m – does not give Rinehart a direct stake in Southern Cross, she could take control of the shares if McWilliam breaches the terms of their deed, which was published on the ASX on Wednesday. Continue reading...