World's richest woman raises Fairfax stake

The world's richest woman Gina Rinehart has boosted her stake in ailing Australian media giant Fairfax to 18.67 percent as she bids to win a board seat, it was revealed Monday.

The mining billionaire increased her holding from 12.58 percent, according to a regulatory filing.

She has been critical of the company management and her move came as Fairfax said it would slash 1,900 jobs and erect paywalls on its flagship titles in a major overhaul towards a digital future.

As part of the plan, the Sydney Morning Herald and The Age in Melbourne will shift from broadsheet format to a more compact, tabloid size and two printing facilities will be shut.

Rinehart, who is worth Aus$29.17 billion (US$29.48 billion) according to an annual index by Business Review Weekly, has so far been unable to secure a seat on the Fairfax board despite being the company's biggest shareholder.

Her initial move into the company earlier this year prompted the government to flag stronger media ownership laws amid concerns that the tycoon, who has been critical of the government, wanted to build her influence.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Ayungin dilemma Ramon Casiple - Parallaxis
    Ayungin dilemma

    China faces a dilemma in Ayungin Shoal and other contested areas. If it waits for the ITLOS—which may decide against it—it would have tacitly bound itself to UNCLOS and risk a rogue state reputation if it asserts its claim in the South China Sea. If its militarily acts now, it may face international isolation. …

  • 48 nabbed in biggest anti-trafficking catch in Bongao VERA Files - The Inbox
    48 nabbed in biggest anti-trafficking catch in Bongao

    By Jake Soriano, VERA Files Bongao, Tawi-tawi—A team of Marines and policemen intercepted around noon Thursday 48 people, 12 of them minors, believed recruited by a human trafficking syndicate for work in Malaysia. The arrest constitutes what advocates called the … Continue reading → …

  • Docs vow to pay right taxes, make peace with BIR VERA Files - The Inbox
    Docs vow to pay right taxes, make peace with BIR

    By Kiersnerr Gerwin Tacadena, VERA Files Leaders of the medical profession have made peace with their former adversary, the Bureau of Internal Revenue (BIR), and joined forces in a campaign to get doctors to pay the right taxes. BIR Commissioner … Continue reading → …

POLL
Loading...
Poll Choice Options