Gina Rinehart Funds Acquisition of 10% Stake in Southern Cross Media
Gina Rinehart bankrolls purchase of 10% stake in Seven network owner Southern Cross Media
Image: The Guardian
Gina Rinehart, Australia's wealthiest individual, has financed Bruce McWilliam's purchase of a nearly 10% stake in Southern Cross Media, valued at approximately $26 million. This investment revives Rinehart's interest in the media sector, following her previous stakes in Ten Network and Fairfax.
- 01The stake acquisition is worth about $26 million and does not grant Rinehart direct ownership.
- 02Rinehart's companies have a 9.5% voting power in Southern Cross Media through an agreement with McWilliam.
- 03McWilliam, a former executive at Seven West Media, financed his purchase largely through a loan from Rinehart.
- 04Southern Cross Media's revenue has decreased by 1.5%, totaling $1.008 billion in the last half year.
- 05Rinehart has been politically active, supporting rightwing movements and donating nearly $900,000 to the political campaign outfit Advance.
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Gina Rinehart, the richest person in Australia, has financed Bruce McWilliam's acquisition of a nearly 10% stake in Southern Cross Media, which owns the Seven Network and various radio brands, for approximately $26 million. Although Rinehart does not hold a direct stake, her companies have significant control over the shares through a financial agreement with McWilliam. This marks her return to the media industry after previously investing in Ten Network and Fairfax, from which she exited over a decade ago. The investment makes Rinehart a substantial shareholder, as her companies control 9.5% of voting power in Southern Cross Media. Following a merger earlier this year, Southern Cross has reported a 1.5% decline in revenue, amounting to $1.008 billion. Rinehart is also known for her political influence, having supported rightwing movements and contributed nearly $900,000 to the political campaign group Advance.
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Rinehart's investment in Southern Cross Media could influence the media landscape in Australia, particularly in terms of ownership dynamics.
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