Essay on mining giants take over fairfax

Submitted By onetreehill1509
Words: 490
Pages: 2

“Mining giant takes over Fairfax- Editorial independence is lost” Discuss.

Gina Rinehart is a mining tycoon. In the 2010s, Rinehart bought a stake in media organizations, becoming the largest shareholder in Fairfax Media and taking a significant share in the Ten Network Holdings. So far, billionaire mining giant Gina Rinehart has made a 49 million dollar investment in the Fairfax Company, which regards her as a valuable investor. She now threatens to abandon the company. Gina Rinehart has holdings cut to 15 percent of Fairfax, but is still currently the biggest shareholder. She has also spent 39 million shares on ten Network.

The Fairfax media owns the Sydney Morning Herald and The Age. In some of the articles regarding Gina Rinehart, there has been some unbiased tone coming from the journalist, which breaks the rule of conduct for correct code of ethics in newspaper writing. Many politicians and newspapers have said that Gina Rinehart is trying to change the face of Australia, take control of the media and destroy them. The code of ethics states that journalists must show honesty, fairness, independence and respect for others. Consequently, editorial independence is lost.

As for the actions that have provoked Gina Rinehart, she has now demanded three board seats in return for her stake in the company, as well as concessions on editorial independence. This includes the ability to hire and fire editors and tell journalists what to write. Rinehart, who is using her sale in Fairfax shares as push for board seats has proven that she does not want to control the company. Besides just statements made by politicians, newspapers have also posted rumors regarding Gina Rinehart ‘making an offer’ for the company, even though Mrs. Rinehart had already said that she did not want control of the company, “just the appointment of two directors plus an independent out of up to 12 directors on the board."

Gina Rinehart’s demands have escalated her battle with…