Mining mogul Gina Rinehart, who now owns 18.67 per cent of Fairfax Media after a buying spree late last week and in April, is believed to be seeking three board seats and involvement in editorial decisions.
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In a statement to the Australian Stock Exchange, Mrs Rinehart's privately owned Hancock Prospecting confirmed today it had lifted its holding from the 13 per cent Hancock had previously acknowledged.
Mrs Rinehart, already the publishing house's largest investor, bought an extra 6 per cent of the company in April and June, at an average of just under 62 cents a share.
The announcement coincides with a battle for control of the Fairfax board room, with Mrs Rinehart now believed to be seeking to be appointed deputy chairman of the company, and demanding two further board positions for her representatives.
She or her representatives are also believed to have told the board that as a major shareholder she and her repesentatives should not be restricted when it comes to editorial matters - including the hiring and firing of editors.
Mrs Rinehart and her supporters have become increasingly vocal about their concerns about the board and the direction of the company.
However, Mrs Rinehart has not yet responded to this morning's announcement of a dramatic overhaul of the media group, including the axing of 1900 jobs, the closure of its two largest printing pressed at Tullamarine in Melbourne and Chullora in Sydney, converting The Sydney Morning Herald and The Age from broadsheets into tabloids and moving to a subscription model for more of its digital content.
