"We want to see a debate around a public interest test."

The minister highlighted Ms Rinehart's well-known views opposing the Government's Minerals Resource Rent Tax (MRRT) on iron ore and coal projects.

"Mrs Rinehart's views on the mining tax are clear," he said.

"She doesn't believe all Australians should have a fairer share of the wealth that's being generated by the resources of this country, that are owned by every Australian. She doesn't agree with that.

"But governments cannot pass laws on the basis of who they like and dislike and whose views they like and dislike."

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A law banning Abbott from politics would be nice...

Australia's richest woman has raided Fairfax for its clout, not for its investment potential. It is unlikely that Corbett and his board colleagues would gladly shuffle aside to let Rinehart into the boardroom. They know she craves influence. They know she could be a nuisance as a cashed-up gadfly agitating for representation as a director. There are no hard and fast rules for how and when a shareholder gets a seat on a company board.

Read more: http://www.smh.com.au/business/gina-rineharts-fairfax-ploy-20120201-1qsas.html#ixzz1l685BEus

 

This morning Fairfax Media announced a radical overhaul of its businesses, with an estimated 1900 jobs to be lost.  

The news of the restructure comes at a time when the future of Fairfax is under threat from Gina Rinehart who just purchased some 142 million additional shares in Fairfax, as part of her campaign to obtain two seats on the company's board. It brings her total stake to 18.6% - ever closer to the maximum allowed before a shareholder must make an official takeover bid.

1 What's so worrying about this? Even Rinehart's closest advisors, including those who are tipped to join her on the Fairfax board, have revealed their vision for the company: that the way to increase profits is conservative editorial direction, not responsible and independent journalism. 

We think Fairfax's customers disagree. As the board considers Gina Rinehart's bid for a seat on the board - and her vision for the company - let's tell the Fairfax board: we buy Fairfax's papers because of their commitment to editorial independence, and that independence must be defended:  http://www.getup.org.au/fourth-estate <http://www.getup.org.au/fourth-estate?t=dXNlcmlkPTEwNDQ2NzcsZW1haWxpZD04MzU=> 

Jack Cowin, a close advisor to Rinehart, her colleague on the Channel 10 board, and the person tipped to join her on the board of Fairfax if her bid is successful

2, told ABC radio two weeks ago: "the Fairfax board should have the right to change the editorial direction of the company if it would increase profit" and "Gina Rinehart would have a stronger right-wing view than probably the average liberal journalist."

3 In short, Gina Rinehart's closest allies think Fairfax should be about pure profit - and that the way to increase profits is conservative editorial direction, not responsible and independent journalism. 

A press that is independent, not just from governments but from vested corporate interests, is essential to our democracy. The Fairfax board has strongly resisted moves by Gina Rinehart for board positions, but with every share she buys it becomes harder for them to deny her a seat on the board. The only way to match her billions of dollars is by making our voices as consumers heard. If we come together to tell the Fairfax board not to give in, to protect the independent Fairfax papers, we can help protect the quality journalism know and love. http://www.getup.org.au/fourth-estate <http://www.getup.org.au/fourth-estate?t=dXNlcmlkPTEwNDQ2NzcsZW1haWxpZD04MzU=> 

Thanks for standing up, The GetUp Team 1 'Rinehart confirms Fairfax raid', Sally Jackson. The Australian June 18, 2012 2 'Gina Rinehart lifts stake in Fairfax to 15% as pressure for board seats builds', Kirsty Simpson. Sydney Morning Herald June 15, 2012 3 Audio transcript "Just a matter of time before Rinehart on Fairfax board: Jack Cowin", ABC, 5 June, 2012 6:51PM  

GetUp is an independent, not-for-profit community campaigning group. We use new technology to empower Australians to have their say on important national issues. We receive no political party or government funding, and every campaign we run is entirely supported by voluntary donations. If you'd like to contribute to help fund GetUp's work, please donate now! <https://www.getup.org.au/donate?t=dXNlcmlkPTEwNDQ2NzcsZW1haWxpZD04MzU=>  If you have trouble with any links in this email, please go directly to www.getup.org.au <http://www.getup.org.au?t=dXNlcmlkPTEwNDQ2NzcsZW1haWxpZD04MzU=> .
Authorised by Simon Sheikh, Level 2, 104 Commonwealth Street, Surry Hills NSW 2010 


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The rich rite-wing nuts conservatives think the Financial Review — a fine business Fairfax paper — is a left wing anti-business rag...  I personally think that's where Gina wants to hit first, then knead the SMH to her views. How can this be done when it's more or less illegal by proprietors to dictate views?

In the same way Murdoch "does not control the editorials in his papers"... he chooses editors and journalists who agree with and support his views at whatever time, even if his views "change" (see the Leveson inquiry) .... It's part of the culture where those who have opposing views or even "balanced" views become extinct or marginalised in a corner... The papers keep a few journalists with "opposing" views, as to allow the culture to claim it's not one sided... But as everyone knows anything that is not 50/50 is one sided...

The Australian and the rest of the Murdoch press is about 90 per cent against Julia Gillard and pro Tony Abbott, who in their eyes cannot put a foot wrong even if he wades in shit....

Thus there is a "promotion" in most Australian papers (less so in the Herald mind you) to get rid of Julia Gillard and place Tony Abbott at the top of the political food chain... As the ABC often reports on these slanted paper reports, the ABC thus reinforces the feeling though it claims to be "balanced" but is not.

See toon at top...

 

This is desperation, a last roll of the dice to attempt a restructure that will whittle a coherent, nimble, modern media company from the addled mess that Fairfax has become.

The conventional wisdom will blame the internet for the state the business is in. You'll soon read how the web slowed the rivers of classified advertising gold to a trickle and left Fairfax parched.

That analysis will loom large following today's announcement by the publisher of The Age and the Sydney Morning Herald that it will all but halve its journalistic workforce, close two printing plants, erect online paywalls and trim its broadsheets to some unspecified 'compact format'.

But that's only half right. The seeds of Fairfax's failure sprouted well before the web raised its head and swept away the tens of thousands of little ads. This was the company taken to receivership, let's not forget, by a gauche family power play in 1990; a company that has reeled through successive ownerships and managements and revolving doors for both corporate executives and senior editorial staff, a game of hoppo bumpo that hasn't ended yet.

read more: http://www.abc.net.au/news/2012-06-18/green-fairfax-woes-long-preceded-the-internet/4077292?WT.svl=theDrum

 

One of mining billionaire Gina Rinehart's closest allies has supported her bid for board seats at Fairfax Media and her right to influence editorial agendas.

Media proprietor John Singleton, a former Fairfax board member, rebuffed criticism of Mrs Rinehart's growing stake in Fairfax, after confirmation yesterday that her private company Hancock Prospecting and subsidiaries now own 18.7 per cent of the company's shares after large acquisitions last week. 

While pointing out that directors should not interfere in the editorial decisions of newspapers, he said that a company director's responsibility was to shareholders.

And he said a Fairfax director should take action "if what's being written is not palatable or not attractive to the readers".

"I think some editorial interference would have made the papers more readable in the past, don't you?" he said.

http://www.abc.net.au/news/2012-06-19/singo-backs-rinehart-for-fairfax-board/4079118

 

----------------------------

 

In the past, Singo used to be a Labor supporter.... Er... I mean a Labor opportunistic venturator... When Labor was in power in the seventies and the eighties, Singo used to run an advertising agency (SPASM) and there were shitloads of money to be made from doing the advertising for Labor... Since that time, Singo followed the expedient dictum "if you're not a communist at 20, you've got no heart and if you're not a capitalist by 40, you've got no head..." So singo with his moneys bought a few goodies such as race horses and that ratbaggery of radio station 2GB... with of course Alan Jones as a shareholder and broadcaster (not a journalist, of course)... All designed to show off the glory of being rich and promote the rite-wing nuttery conservative lot called "Liberals"...

Thus the media noose around Julia Gillard neck is set by a media too willing to get rid of her... The media feeds the stories that influence the populace's perceptions... as if Julia was super-evil and Tony was god... But Fairfax media was the last of the resisting bastion by being a bit too liberal and not enough anti-Julia... As well, the Fairfax press was far too lenient on those scientists who explained the dangers of global warming... So in order to make money, Fairfax has to switch to science bashing and promote ignoramus ignorance by glorifying the Lord Moncktons of this planet... Carbon tax is bad, burning fossil fuel is good for business... Business is money, the planet can go to hell... That is basically what Gina is doing. She may not know this but this is what she's doing...

By the way, I've got no head...

 

 

 

There was more shock news for Fairfax today, with the announcement that its top editors are standing down.The Sydney Morning Herald's publisher and editor-in-chief , Peter Fray, and first female editor, Amanda Wilson,  announced they are leaving the company.

The announcement comes after last week's shock revelation that Fairfax is to shed 1900 jobs.

In an emotional announcement to the newsroom today, Wilson said it had been an honour and a privilege to lead the paper as editor for the past 18 months.
She said with a major newsroom review about to be unveiled, the time was right for her to pursue new challenges.Fray thanked his colleagues, saying he had learned so much during his time at Fairfax and would offer any support he could to those who now led the editorial operation into this new era.
He said that although he did not have a new job to go to, it was an exciting opportunity for him to see what more he could achieve in the profession he loved.

Fairfax Metro Media Editorial Director, Gary Linnell, said in a statement: "We are saying farewell to two champions of our profession, and their decision to leave brings to a close two very distinguished careers with Fairfax.

Read more: http://www.smh.com.au/business/media-and-marketing/top-herald-editors-resign-20120625-20xlj.html#ixzz1ylkIgvWh

 

Of course the two vacant chairs will be filled by Gina in a shake of her posterior to get comfortable... But some commentators are less easy about it though in previous life they would have supported such a move... From Paul Sheehan:

 

 

...
The Herald, June 23, front page: ''[Rinehart has] a voracious appetite for litigation … ''

The Herald, Weekend Business opinion headline, June 23: ''Rinehart might influence people but she's winning few friends in doing so.''

The Herald, News Review, June 23: ''Former prime minister Malcolm Fraser believes this exercise of power is a frightening prospect for Australia. 'The idea that you can buy what you want is becoming pervasive and Rinehart seems to think politics and politicians are for sale.'''

THIS is just a snapshot of the combat zone as the traditional, informal alliance of like-minded people at the ABC and Fairfax tell the largest shareholder in Fairfax Media that, as things stand, she is not fit to control the company.

Ms Rinehart has also lit a fuse. She has criticised the performance of Fairfax, its management and its board. Having assembled 18.7 per cent of the company's shares, she wants to be appointed deputy chairman and have three positions on the eight-member board.

I don't know who has been advising her, but the best course of action would have been to say nothing in public, demand nothing, politely seek board representation commensurate with her holding, which is two positions, and not alarm the company, its staff, and the other 81 per cent of shareholders by implying she intends to heavily intervene in a business in which she has no experience.

It is not boards who change the culture of a company. It is the praetorian guard they install. That is key. The power to appoint editors has always been vested with the board.

Read more: http://www.smh.com.au/opinion/rinehart-didnt-start-the-fire-20120624-20way.html#ixzz1ylmCvFQF

 

But then Sheehan does not really value his employer:

As things stand, the Herald and The Age are worth more dead than alive. The market is indifferent to their survival. This is no time to bluff.

 

 

Knowing Sheehan's past support for Abbott and his constant canning of Julia, he's a shoe-in as the next big shot on Gina's board...

The editors-in-chief of Fairfax's The Age and The Sydney Morning Herald newspapers have quit.

The Age editor Paul Ramadge told staff this afternoon he is standing down.

His counterpart at The Sydney Morning Herald and publisher, Peter Fray, has also stepped down, as did Sydney Morning Herald editor Amanda Wilson.

The resignations come after a tumultuous week for the media company, in which it announced a a decision to axe 1,900 staff, close two major printing presses and downsize its flagship newspapers to tabloids.

The massive restructure coincided with the news mining magnate Gina Rinehart had increased her stake in the company to nearly 19 per cent.

Her move sparked speculation she was aiming to exert editorial influence over the companies media outlets.

Ms Rinehart was already the largest Fairfax shareholder before her latest acquisitions, and has previously lobbied unsuccessfully for two seats on the Fairfax board.

http://www.abc.net.au/news/2012-06-25/the-age-editor-quits/4090730