Seven buys stake in Fairfax

AAP General News (Australia)
12-05-2006
Seven buys stake in Fairfax

SYDNEY, Dec 5 AAP - Kerry Stokes's Seven Network has bought a stake in newspaper publisher
Fairfax.

The network has bought a less than five per cent stake in the publisher of The Sydney
Morning Herald, The Age and The Australian Financial Review, The Australian reports today.

Seven, which already owns 14.9 per cent of West Australian Newspapers (WAN), does not
have to disclose its Fairfax shareholding until it becomes a substantial shareholder with
at least a five per cent holding.

The company confirmed it had bought a stake in Fairfax yesterday without revealing details.

The Australian said Seven was amassing a portfolio of strategic media assets ahead
of imminent changes to media ownership laws, armed with $3.2 billion in cash after last
month's deal to sell half of its media business group to a private equity group.

AAP cdh/rs

KEYWORD: SEVEN

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