Tuesday, June 26, 2012

Gina Rinehart threatens to dump Fairfax Media stake if boardroom demands not met. Shares at record low of 53 cents on ultimatum.

The mining magnate Gina Rinehart has threatened to dump her majority stake in Fairfax Media unless her demands for three boardroom seats and editorial sway are not met.
The ultimatum raises the stakes in Mrs Rinehart’s standoff with the Fairfax Media board which remains adamant it will not be bullied into capitulating for the demands.
In another dramatic days for the Australian media industry, Mrs Rinehart also increased her stake in the Ten Network further confirming her widening role as a media player.
Meanwhile, Andrew Holden was named as Editor in Chief at The Age after yesterday’s dramatic departure of three top editors.
Listen to my updated analysis broadcast on The World Today which covers the development that David Leckie had stepped down as chief executive of Seven West Media.

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