"Climate sceptic mining billionaire's bid for control of Fairfax Media threatens its journalists' editorial independence."
"The Gina Rinehart Story will make a great film one day. It's got everything: family feuds, dynastic wealth, political powerplays and conspiracy theories. Think Dallas meets Gone with the Wind meets Neighbours.
But before the scriptwriters can start sharpening their pencils, they must await the completion of arguably the most compelling chapter yet – Rinehart's attempt to secure control of one of Australia's most vaunted media companies.
'Australian Billionaire Buys Up Newspaper' has become something of a cliché over the decades, but what makes Rinehart's lunge for Fairfax Media – home to, among other titles, the Melbourne Age and Sydney Morning Herald – so compelling and concerning in equal measure is that her agenda appears to be so brazenly naked.
Rinehart – Australia's richest person, who owns vast mining reserves and rights, which she inherited from her father Lang Hancock – already owns almost 20% of Fairfax and is the largest single shareholder. She is now seeking three seats on the eight-person board, as well as the role of deputy chair."
Leo Hickman reports for the Guardian June 27, 2012.
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