Mining billionaire Gina Rinehart is reportedly in discussions with Australian Community Media (ACM) over a potential acquisition.
Rinehart has held talks about buying the regional publishing group, which is owned by billionaire investor Alex Waislitz and businessman Anthony Catalano.
The potential ACM deal marks the latest move in Rinehart’s growing interest in Australia’s media landscape.
In May, Rinehart reportedly backed former Seven West Media executive Bruce McWilliam in acquiring an almost 10 per cent stake in Southern Cross Media Group, the owner of the Seven Network, the Triple M and Hit radio brands, and West Australian Newspapers. The arrangement could eventually see Rinehart gain control of the shares if McWilliam breaches the terms of their agreement.
According to recent estimates, Rinehart’s net worth sits at around $38.1 billion, largely driven by her role as executive chairman of mining company Hancock Prospecting.
According to a report in The Australian, representatives from Rinehart and Hancock Prospecting recently held discussions with ACM’s owners, although the talks reportedly did not progress further at this stage.
Since 2019, ACM has been owned by Waislitz and Catalano, who acquired the publisher following its split from Nine Entertainment.
Catalano, who was charged with eight criminal offences relating to an alleged assault in March, has since stepped down as a director of the holding company that owns their media assets.
Police allege Catalano dragged a woman through a Melbourne apartment and swung a clothes iron at her head, resulting in a fractured tailbone and hospitalisation. He also faces charges relating to alleged false imprisonment and threats to kill.
ACM’s publishing portfolio includes titles such as The Canberra Times, Illawarra Mercury and Newcastle Herald.
Waislitz and Catalano also hold a 30 per cent stake in View Media Group, alongside real estate assets and interests in businesses leveraging ACM’s audience reach and property media exposure.
The pair also owns a 7.53 per cent stake in Southern Cross Media, which now owns the Seven television network and Western Australian Newspapers, with billionaire Kerry Stokes remaining its largest shareholder.
B&T has requested a statement from ACM. Meanwhile, Hancock Prospecting declined to comment.
