Mining giant Clive Palmer has said he intends to establish a trust to invest heavily in Australian media, with his sights set on Fairfax.
According to The Australian Financial Review, the billionaire said he is looking at media as a strong investment opportunity, and is looking to partner with other wealthy individuals to create an investment trust for Australian media.
The report said Palmer was most interested in helping Fairfax. Palmer spoke against News Limited for having too much control over the media landscape.
Palmer said he was interested in setting up a fund similar to the one that controls The Guardian in Britain, where people put money in a “blind trust” which would not allow them to have any influence over editorial.
When Australia's richest person Gina Rinehart took a 12.6% stake in Fairfax recently, Palmer said he might also take a stake in the company, although he was aiming for 30%.
Palmer and other mining magnates Gina Rinehart and Andrew Forrest were recently attacked by Treasurer Wayne Swan. In an article in The Monthly, Swan said these individuals were having a negative impact on democracy by wielding too much influence.
Mining giant Fortescue hit back with an ad campaign defending Andrew Forrest.
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