News after AAP—report
NZPA Sydney Mr Rupert Murdoch’s News Corporation will gain control of the national news service, Australian Associated Press (AAP), and become the largest shareholder in the world’s biggest news agency, Reuters, if Mr Murdoch’s latest reported expansion plans take effect. Australian newspapers have reported that Mr Warwick Fairfax’s private company, Tryart Pty, was planning to sell John Fairfax’s major shareholdings in AAP and the country’s biggest newsprint supplier, Australian Newsprint Mills, to News, so Tryart could cut its debt after its recent take-over of the Fairfax media em-
pire. News already owns 43.4 per cent of news service operator AAP Information Services and 44.6 per cent of AAP Pty, which holds 13.89 M Reuters A class shares. The Fairfax purchase would lift News’s stakes in both AAP companiesto
more than 80 per cent and would also give it 14.6 per cent of Reuters’ voting rights. Trades Practices Commission chairman, Bob McComas, has been quoted as saying such “an acquisition is one that the commission should consider seriously”
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Press, 3 December 1987, Page 34
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170News after AAP—report Press, 3 December 1987, Page 34
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