Mining magnate Gina Rinehart has increased her stake in Fairfax Media to 18.67 per cent, the news emerging just hours after the announcement that the company will cut 1,900 jobs over the next three years as it makes moves to become a digital media company.
In a statement to the ASX, Fairfax said Ms Rinehart bought most of the new stake last week.
Earlier on Monday, Fairfax announced the job cuts amid a raft of new measures on Monday, including the closure of two printing facilities, changes to the format of The Sydney Morning Herald and The Age newspapers, and the introduction of digital subscriptions.
"Readers' behaviours have changed and will not change back," chief executive Greg Hywood said in a statement.
"As a result, we are taking decisive actions to fundamentally change the way we do business."
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The measures will have a one-off cost of about $248 million, and result in annual savings of $235 million from June 2014.
Click here: Analysis - Too late for Fairfax?
