Australia’s richest person Gina Rinehart has emerged as the money behind former Kerry Stokes-ally Bruce McWilliam’s near-10 per cent stake in Southern Cross Media, the owner of Network Seven and Triple M.
Rinehart, a mining magnate who has previously held interests in Network 10 and Fairfax Media (the publisher of this masthead), has now emerged as a key player in the biggest media company in Perth, which also publishes The West Australian.
An ASX disclosure filed on Wednesday morning showed that McWilliam’s fast-growing stake in the newly merged media company has been mostly financed by a company associated with Rinehart and her company Hancock Prospecting.
More to come.
Calum Jaspan is a media writer for The Sydney Morning Herald and The Age, based in Melbourne. Reach him securely on Signal @calumjaspan.10Connect via X or email.
