Billionaire Gina Rinehart recently invested $146 million in
Fairfax Media, the publisher of the
Sydney Morning Herald
. Known as the "Iron Lady," Rinehart is the heir of mining
magnate Lang Hancock and is believed to be the richest person in
the history of Australia.
According to an
by Neil Hume, this increases her position in the company from
4.9% to 12.6%. Hume reports that other Australian
billionaires are also considering buying significant stakes in
Australian media companies.