Murdoch Buys Stake in Fairfax

News Corporation has bought a 7.5 per cent stake in the John Fairfax newspaper group, as Rupert Murdoch’s media empire moves to take advantage of changes to Australia’s ownership laws. The company launched a share raid on Fairfax last night, snapping up 7.5 per cent of the group for $364 million. News Corp bought the shares at $5.20, in a big premium on yesterday’s closing price of $4.74. The move is the latest in a rapid series of media manoeuvres that have followed the passage of the new ownership laws through Federal Parliament