Gina Rinehart has sold her entire holding of 352 million shares in Fairfax Media.This was around 15% of the company and she received around $350 million for the shares.
Apparently Gina has decided that Fairfax are a bunch of clueless losers and the problems at the company cannot be fixed.
Ms Rinehart’s business lieutenant John Klepec said Fairfax, led by CEO Greg Hywood, had “no workable plan to revitalise the company and address the declining business and circulation numbers”.
“A series of bad decisions made by the leadership team has instead increased the number of publication errors and reduced the company’s performance to cover news to standards expected to maintain the credibility of some of the oldest and finest newspaper mastheads in the country.”
Fairfax publishes The Sydney Morning Herald and Melbourne’s The Age, which have shed hundreds of thousands of newspaper readers over the past five years.
Frankly I can’t wait until the whole bunch of subversive losers go down the plug hole. In Australia and New Zealand. Fairfax, with their relentless left wing bias, is one of the prime reasons the news media today is held in so much contempt by so many people.
It can only be good for the media and consumers overall when such a poorly performing poorly managed and disreputable organisation leaves the industry.