Advertising guru John Singleton has opened discussions with fellow Fairfax Media shareholder Gina Rinehart. Picture: Wayne Ludbey Source: Herald Sun
ADVERTISING entrepreneur John Singleton has purchased a strategic share in Fairfax Media and with investment banker Mark Carnegie has opened up talks with the company's biggest shareholder Gina Rinehart.
Hancock Prospecting, owned by Mrs Rinehart and Gutenberg Investments, backed by both Mr Singleton and Mr Carnegie announced they have "agreed to consult with each other on key matters affecting Fairfax Media".
Mr Singleton said he and Mr Carnegie had met with Mrs Rinehart to discuss their "mutual interest in working together," according to in a statement released late last night.
"However it is important to state that both Gina and I believe that the lifeblood of Fairfax is the integrity and accuracy of its journalism," Mr Singleton said.
The talks are "at a very early stage" and the allies said they will "file a substantial shareholder notice on Monday to inform the market of our association before developing any plans," the statement read.
Fairfax sources told The Australian though, that they believed Gutenberg Investments holds less than 1 per cent in the company while Hancock Prospecting holds 15 per cent, down from the 19 per cent it held several months ago.
Mr Singleton and Mr Carnegie set up Gutenberg Investments after their failed in their bid to buy Fairfax's radio assets.
In the statement Mr Singleton said he bought his shares in Fairfax "as a result of the Fairfax board definitively closing the door on a sale or joint venture of their radio assets to Macquarie Radio Network."
"For the amount of money I was prepared to pay for the radio assets of Fairfax I could buy a significant amount of all the assets of Fairfax at a far lower price to earnings multiple," Mr Singleton said.
Mr Singleton and Mrs Rinehart have been friends for years and last year the advertising guru attacked Fairfax's board after it rejected previous changes she had sought to the make up of the board.
But Mr Singleton took a swipe at the board, and said the Fairfax Charter of Independence should be reviewed.
"I think the current board has struggled to come to terms with the new environment, which is there for all to see in the share price and the lack of direction at the company," he said.
"I was on the board of Fairfax when Sir Zelman Cowen was chairman of the board some 20 years ago, when the existing Fairfax Charter of Independence was drawn.
"There is no reason why a group of eminent and experienced Australians should not review the charter to ensure and enable its relevance for today, and the current very challenging times for the media."
Last night Fairfax chairman Roger Corbett played down the move.
"The directors will continue to work and make judgments in the interests of all shareholders of Fairfax, as we have done in the past," Mr Corbett told The Australian.
- with AAP
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