Resource curse: just to be clear, Rinehart want’s Fairfax to benefit her mining interests

Via Ben Cubby at The Age/Sydney Morning Herald (Fairfax), who quotes a media analyst:

“Fairfax Media is worth more broken up and its major shareholder Gina Rinehart should launch a takeover bid now so her mining interests can benefit from shifting the group’s editorial positions ahead of next year’s federal election, according to a media analyst.

Roger Colman, an analyst with CCZ Equities and a well-known critic of the media group, declared Fairfax to be a “break-up proposition”.

Mrs Rinehart’s private company Hancock Prospecting, which already owns 15 per cent of Fairfax, “needs to launch a partial bid now”, to “position” the mastheads “well before the October 2013 election,” he added…”

Let’s stop pretending that Ms Rinehart has suddenly found Fairfax to be an attractive take over target because of its “unrealised” potential.

Her media plays have been disastrous: one need look no further than Ten Network Holdings (the owner of Channel Ten) as the share price has tanked since the mining magnate joined the board.

Her two great achievements as a board member?

Getting Andrew Bolt his very own television show and questioning whether or not “The Simpsons” should be screened as it ran counter against “family values”.

Rinehart is fast becoming one of the richest people on the planet: by throwing a few million at Fairfax the only thing she stands to lose is the equivalent of the pocket-money that used to go to her estranged children.

Either Fairfax will die or become the mouth piece of “the house of Hancock”. Both are win-wins for Rinehart as she buys influence and silences a source of criticism.

Rinehart’s only interest is in shaping public opinion on climate change, her ANDEV project and boostering mining. In case you missed it, the now infamous Monckton video where he outlines the need for one of Australia’s super-rich to come in an reshape the media landscape:

One thought on “Resource curse: just to be clear, Rinehart want’s Fairfax to benefit her mining interests

  1. Nick says:

    Fairfax will become the mouthpiece of the house of Hancock AND die…Gina has nothing to offer.She is without true media vision or commitment to quality communication. Her self-interest is obvious,and of no entertainment value whatsoever for the internet readership. Her attempts to nobble Fairfax are so transparent already,that any successful takeover and subsequent reset of editorial lines will be completely expected,and will drop readership further,as media is now truly global and timely. Her interests are niche interests,no more than that. They are already met by rightist blogs and mining news websites.

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