A changing of the guard: Gina Rinehart mogul-in-the-making or corporate raider?

February 4, 2012

James Packer, Lachlan Murdoch, Kerry Stokes, John Singleton and Gina Rinehart. While Stokes and Singleton have been around media traps for a few years now, the return of a Packer, a Murdoch and the addition of Rinehart represents a changing of the guard for Australian media dynasties.

But this will not necessarily mean a return to a past where empires and family fortunes are entirely entwined. Perhaps, ironically, it signals the end of the dynastic age and the emergence of new corporate battles for control of media assets.

Gina Rinehart

Why buy?

Much attention has been focused this week on Australia’s richest woman, Gina Rinehart. Her play for Fairfax Media assets and her well-known disdain for “communist” journalists are a potent mix in these post-NOTW days.

There has been speculation and rumour about her motives, none of it substantiated, but all interesting.

I particularly like Stephen Maynes’ theory that Rinehart’s decision to raid into Fairfax was an act of hubris and rage at the unsympathetic portrait by Jane Cadzow in Good Weekend (published by Fairfax). From published accounts this seems a typical Rinehart approach to solving a problem.

Others raise the possibility that Rinehart and Singleton will now join forces to create a super network of right wing shock-jockery to campaign against Labor in the 2013 election. This is an attractive theory that aligns well with the suggestion Rinehart is a fierce warrior for conservative forces in Australia. It would be easy to do as Fairfax radio assets have been in play and Singleton’s Macquarie Network is a keen buyer.

Then there’s my favourite theory: Rinehart will grab the Fairfax papers, leaving the rest of the company behind. She will gut the current communistic news staff and hire a bunch of young Liberal communications majors; thus turning the SMH and the Age into simulacra of The Australian’s right-wing bile factory.

All equally attractive propositions to Rinehart’s lovers and haters alike. There’s no doubt her actions have polarized the media landscape and created turmoil in the already fragile media asset market.

[Published 4 Feb 2012 on The Conversation]

Update 4 Feb 6pm:

This disturbing footage was released by Get Up Australia. It clearly shows climate change denier and libertarian organiser Lord Monkton urging the establishment of a Fox-like media outlet in Australia funded by one of the super-rich.

It puts a new slant on the Rinehart putsch on Fairfax Media shares this week.

The story was reported on The Drum a couple of days ago by Graham Readfearn.

Read the rest of this entry »


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