UPDATED! 30 June 2012: Mining billionaire Gina Rinehart has asked the chairman of Fairfax Media to resign if he cannot reverse falling circulation and revenue at the company’s newspapers.
Ms Rinehart’s refusal to sign the company’s charter of independence raised concerns she would interfere with the editorial independence of Fairfax’s flagship newspapers, the Sydney Morning Herald and The Age.
As mining magnate Gina Rinehart chases down editorial influence at Fairfax Media, along with three boardroom seats, Fairfax Newspapers must be wondering wtf is coming next, the embattled publisher is facing a boardroom shake up that has the once behemoth publisher quaking.
In a statement to the stock exchange, Mrs Rinehart’s company, Hancock Prospecting, confirmed she had raised her 12.6 per cent stake in the media company to 18.7 per cent of Fairfax shares in two separate raids last week. The confirmation came shortly after Fairfax announced it would slash 1,900 jobs as it deals with the rise of digital media and a slump in print readership.
Fairfax said today it would close two printing plants, move its Sydney Morning Herald and The Age newspapers to tabloid format and introduce digital subscriptions for those two mastheads :: Read the full article »»»»