What just happened with Gina Rinehart and Southern Cross Media (ASX:SXL)?

Australia’s richest person, Gina Rinehart, has acquired a 9.15 per cent substantial stake in Southern Cross Media Group Limited. The investment was made via her flagship private company, Hancock Prospecting, and marks her first major return to the Australian media sector since she divested her shares in Fairfax Media a decade ago.

How did Gina Rinehart acquire her stake in Southern Cross Media (ASX:SXL)?

The 9.15% position was built by gaining an interest in shares bought by Bruce McWilliam. McWilliam is a prominent corporate player and a former top lieutenant to billionaire media mogul Kerry Stokes

Why does this transaction matter for Southern Cross Media (ASX:SXL) shareholders?

This move introduces a second ultra-high-net-worth mining and industrial billionaire into SXL’s top tier of ownership. Because Gina Rinehart now controls nearly a tenth of the company alongside Kerry Stokes' existing dominant position, it significantly shifts the power dynamics and corporate governance outlook for retail investors.

Who is currently the largest shareholder in Southern Cross Media (ASX:SXL)?

Billionaire Kerry Stokes remains the largest shareholder, holding a 20 per cent stake via Seven Group Holdings. Following the recent massive merger between Southern Cross Media and Seven West Media, the Stokes family retains deep operational and board influence over the consolidated group.

What media assets does Southern Cross Media (ASX:SXL) actually own?

Southern Cross Media operates a massive, newly consolidated Australian media portfolio following its merger with Seven West Media. Its assets include the Seven Network free-to-air television channels, West Australian Newspapers (including The West Australian), the digital platform LiSTNR, and major metropolitan and regional audio brands Triple M and the Hit Network.

What are the main bull points for Southern Cross Media (ASX:SXL) after this news?

The bull case rests on having two of Australia's wealthiest individuals backing a deeply undervalued, newly merged media powerhouse. Rinehart's entry validates the asset base and could serve as a price floor, signaling to corporate and retail markets that SXL's combined TV, audio, and print cash flows are worth defending.

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Gina Rinehart makes major return to media sector

Written by Mahathir BayenaPublished May. 26 2026Last Updated May. 27 2026

Australia's richest person, Gina Rinehart, has made a high-profile return to the media sector by acquiring a 9.15% stake in Southern Cross Media (ASX:SXL).

Announced by her flagship company, Hancock Prospecting, the move marks Rinehart’s first major media investment since divesting from Fairfax Media a decade ago.

The acquisition was executed through interests tied to shares bought by Bruce McWilliam, a former top executive for billionaire Kerry Stokes.

Stokes remains Southern Cross Media's largest shareholder with a 20% stake.

The media group boasts a portfolio of assets, including the Seven Network, West Australian Newspapers, and the Triple M and Hit radio networks.