Gina Rinehart bankrolls purchase of 10% stake in Seven network owner Southern Cross Media
Summary
Gina Rinehart has helped fund Bruce McWilliam’s purchase of nearly 10% of Southern Cross Media, which owns the Seven Network and major radio brands. While Rinehart does not directly own the shares, she can control them if McWilliam breaks their agreement. This investment marks her return to the Australian media sector.Key Facts
- Gina Rinehart financed Bruce McWilliam’s acquisition of about a 9.73% stake in Southern Cross Media, valued at approximately $26 million.
- Rinehart’s companies hold the power to control these shares if McWilliam breaches their contract.
- Southern Cross Media owns the Seven Network, Triple M and Hit radio stations, and several newspapers in Western Australia.
- Kerry Stokes is the largest shareholder with a 20% stake following a recent merger with Seven West Media.
- McWilliam is a former executive at Seven West Media and bought shares largely with Rinehart’s financial support.
- Southern Cross Media’s revenue dropped 1.5% to just over $1 billion in the first half of its last financial year.
- Rinehart has previously invested in Australian media, including stakes in Ten Network and Fairfax.
- Rinehart is politically active, supporting right-wing causes and donating to political groups.
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