Billionaire Gina Rinehart has engaged in discussions about acquiring Australian Community Media (ACM), a prominent regional newspaper and media group currently owned by investors Alex Waislitz and Anthony Catalano. The talks, described as preliminary by sources familiar with the matter, have not advanced beyond early negotiations, with ACM reportedly declining the offers at this stage.
Representatives for Rinehart and her Hancock Prospecting company held talks over recent months with ACM’s owners, signaling the mining magnate’s expanding interest in the Australian media landscape. ACM’s portfolio includes regional newspapers such as The Canberra Times, Illawarra Mercury, and Newcastle Herald, making it a significant player in rural and regional media markets.
ACM has been controlled by Waislitz and Catalano since 2019. Catalano recently attracted legal attention after being charged with multiple criminal offences related to an alleged assault on his wife in Melbourne, leading him to step down from his role as a director of the media holding company. The owners also hold a 30 percent stake in View Media Group, alongside other real estate assets and companies that benefit from ACM’s advertising reach.
In addition to ACM, Waislitz and Catalano own a 7.53 percent share in Southern Cross Media, which owns the Seven television network and Western Australian Newspapers, where billionaire Kerry Stokes remains the largest shareholder. Southern Cross’s second-largest shareholder, Bruce McWilliam — a former Seven commercial director — has increased his holdings substantially over the past two months, purchasing $26 million worth of shares. This acquisition spree is understood to be financially supported by Rinehart and Hancock entities.
When approached for comment, a spokesperson for Rinehart declined to respond. Waislitz affirmed that while there had been interest from potential buyers recently, the current owners were committed to maintaining their stake. He characterized the ACM investment as highly successful over the past seven years, despite challenges facing traditional media. Under managing director Tony Kendall, ACM reportedly serves more than 5.3 million people monthly and remains the largest employer of journalists in regional and rural Australia, with a strong reputation among both readers and advertisers.
Waislitz also endorsed McWilliam’s ambitions regarding a potential board role at Southern Cross Media, including the possibility of chairmanship. McWilliam’s aim to increase his stake to approximately 20 percent appears aligned with funding from Rinehart, positioning her influence more firmly within the company.
Rinehart, Australia’s wealthiest individual with an estimated fortune of $41.66 billion as of March, primarily derives her wealth from Hancock Prospecting’s iron ore mining operations. Hancock’s diversified $5 billion portfolio includes holdings in major mining firms, along with significant media investments such as a near $100 million stake in Fox Corp and shares in the Nasdaq-listed Trump Media & Technology Group. The portfolio also features investments in technology and entertainment giants like Tesla, Nvidia, Microsoft, Netflix, Meta, Alphabet, and Amazon. This year, Hancock has increased its exposure to U.S. defense and weapons manufacturers.
Rinehart’s previous media interests include substantial shareholdings in Fairfax Media and Network Ten, and reports indicate she once contemplated assembling a consortium to acquire The Age newspaper, reflecting a long-standing engagement with Australian media assets.