Tag: "New Zealand"

Stormy Times at Fairfax Media

| June 1, 2012

By Trevor Smith
Australia Bureau Chief

BYRON BAY, NSW – Fairfax Media Limited is one of Australia’s largest diversified media companies. The group’s operations include newspapers, magazines, news/talk radio stations 2UE, Sydney; 3AW, Melbourne; 4BC, Brisbane; and 6PR, Perth as well as digital media operating in Australia and New Zealand. Fairfax Media was founded by the Fairfax family as John Fairfax and Sons, later to become John Fairfax Holdings. However, the family lost control of the company in December, 1990. The group’s chairman is Roger Corbett and the chief executive officer is Greg Hywood.  As of May 2008, Fairfax Media had a market capitalization of over A$5 billion.  By September 2011, this had fallen by more than 60% to less than A$2 billion.

In early February, 2012, mining magnate Gina Rinehart, Australia’s wealthiest person, increased her shareholdings to over 14% of Fairfax Media to make her the group’s largest non-institutional investor.

On Friday, May 25, Fairfax Media was embroiled in an editorial interference row after a director complained about one of its top radio presenters who had criticized the company for denying the world’s richest woman, Gina Rinehart, a seat on the board.

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