Singleton, Rinehart strike Fairfax alliance
MEDIA figure and businessman John Singleton will form an alliance with mining magnate Gina Rinehart at Fairfax, after buying a small stake in the company.
In a statement released last night, Mr Singleton announced that his company, Gutenburg Investment, had bought shares in Fairfax because of the board's decision to deny him the sale of its talk radio assets.
The statement also says he will consult with Mrs Rinehart on matters affecting the company, as the pair have a long friendship, spanning decades.
Mrs Rinehart's Hancock Prospecting holds an almost 15 per cent stake in Fairfax, while Mr Singleton's share is reportedly less than 1 per cent.
Media analyst Peter Cox says the move should not come as a surprise.
Read more at ABC news online.