Aussie billionaire Gina Rinehart emerges as key player for Austereo ownership

Aussie mining magnate Gina Rinehart has been outed as the surprise key player in the recent ownership of Southern Cross Austereo (SCA).

Southern Cross Media famously merged with Seven West Media back in January to create one of “Australia’s most prominent media companies”, as per the Austereo website. The merge now sees Channel 7, Triple M and 2Day FM all under the one umbrella.

It has been reported that the former Seven commercial director spent almost AU$26m purchasing Southern Cross in the past two months.

The deal opened up ownership to 44 million shares or the equivalent of more than nine per cent, in the event that McWilliam can’t meet his end of the deal, as per The Daily Telegraph.

Together with McWilliam, Rinehart now sits as the TV and radio network’s second biggest owner behind long-time media mogul, Kerry Stokes.

Just last week, Rinehart made headlines for slamming Prime Minister Anthony Albanese’s capital gains tax, claiming the recent changes are ill-considered and will have a negative impact on the Australian economy – inevitably forcing local business offshore.

“If you reduce the incentive and ability for people to invest, you reduce future discoveries, future mines, future jobs, future revenue and future growth for Australia at a time when our country sure needs it,’’ she told The Australian.

“Additionally, what is also being missed in the CGT increase is that people are investing money they have already paid tax on through PAYG and other taxes, and yet any profits they make on that reinvestment is now going to be subject to even higher taxes.

“New Zealand points out that it has no capital gains tax and suggests publicly (that) struggling Aussies invest in New Zealand instead. Investment is internationally mobile.”

As Executive Chairman of Hancock Prospecting, a massive privately-owned mineral exploration, extraction, and agricultural company, Rinehart remains Australia’s richest person, with a personal net worth estimated of over AU$41 billion.

Western Australia’s iron ore laid the foundation of her immense wealth as well as her aggressive expansion into critical minerals, agriculture and her status as a top Wagyu beef and dairy producer.