Gina Rinehart bankrolls purchase of 10% stake in Seven network owner Southern Cross Media

The $26m deal involving media executive Bruce McWilliam signifies return to media business for mining billionaire after previous holdings in Fairfax and TenFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastGina Rinehart, Australia’s richest person, has bankrolled former Seven media executive Bruce McWilliam’s acquisition of an almost 10% stake in Southern Cross Media, which owns the Seven Network, the Triple M and Hit radio brands and West Australian Newspapers.While the unusual arrangement – worth about $26m – does not give Rinehart a direct stake in Southern Cross, she could take control of the shares if McWilliam breaches the terms of their deed, which was published on the ASX on Wednesday. Continue reading...