Rinehart tackles news media

BILLIONAIRE mining magnate Gina Rinehart has bought more shares in Network Ten and is threatening to abandon Fairfax if she does not get seats on the board.

Last night she told the ABC's Four Corners program she would consider walking away from the troubled media company if board seats were not made available to her "without unsuitable conditions".

Shares in Fairfax dived to a record low of 53.5 cents after the announcement and were trading at 54.5 cents around noon (AEST), nearly 3 cents less than at Monday's close.

The ultimatum came ahead of this morning's news that Ms Rinehart had spent more than $20 million on new shares in Network Ten, acquiring another 39 million shares.

The latest purchase was part of her entitlement to new shares issued by Network Ten earlier this month as part of a $200 million fundraising.

Read more at ABC news online.



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