Murdoch buys stake in rival

Fairfax newspaper group in Australia has allowed Rupert Murdoch’s News Corporation to buy a stake in its company.

Australia parliament has just passed laws to allow more foreign investment in Australian media companies though these changes are due to come into force in 2007.

Fairfax owns many newspapers such as Melbourne’s the Age, Australian financial review and the Sydney morning herald

Previous Media laws introduced in 1985 used to bar foreign companies from controlling more than 15% of a television company and more than 25% of a newspaper publisher.

Past Media News