Gina Rinehart, Australia’s richest person, has bankrolled former Seven media executive Bruce McWilliam’s acquisition of an almost 10% stake in Southern Cross Media, which owns the Seven Network, the Triple M and Hit radio brands and West Australian Newspapers.
While the unusual arrangement – worth about $26m – does not give Rinehart a direct stake in Southern Cross, she could take control of the shares if McWilliam breaches the terms of their deed, which was published on the ASX on Wednesday.
