Gina Rinehart buys 10% of Ten in surprise move

By By Prue Corlette | 23 November 2010

Gina Rinehart, Australia's wealthiest woman, has become Ten Network Holdings' newest shareholder, having built up a 10% stake in less than two weeks.

The stake marks the first media investment by the notoriously publicity-shy Rinehart, and comes hot on the heels of James Packer's October raid.

Rinehart, as a major shareholder, will now be eligible for a seat on the Ten board, which will see major changes following the company AGM in December when executive chairman Nick Falloon will step down.

In a statement released overnight, Rinehart's company, Hancock Prospecting said:  "Our company group is interested in making an investment towards the media business given its importance to the nation’s future and has selected Channel 10 for this investment."

The investment makes Rinehart the second largest investor in Ten after Bruce Gordon who owns 13% of the company, subject to the sale of half of James Packer's 17% investment to Lachlan Murdoch.

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