Kerry Stokes made his first billion dollars operating television stations and selling dump trucks in his native Australia. Now, he’s betting a chunk of that fortune on a bank that operates in the backwaters of rural China.
Kerry Stokes may gain an unfair advantage for sports rights if he takes over an Australian pay- television business for which Rupert Murdoch’s News Corp. has offered A$1.94 billion ($2 billion), the regulator said.
Kerry Stokes, the Australian billionaire and chairman of Seven Group Holdings Ltd., talks about his decision to become one of the cornerstone investors in Agricultural Bank of China Ltd., and its Chairman Xiang Junbo.
Seven Group Holdings Ltd., the company controlled by billionaire Kerry Stokes, is seeking permission to buy more shares in Consolidated Media Holdings Ltd. or make a bid, Australia’s antitrust regulator said.
West Australian Newspapers Holdings Ltd. , attempting to buy Seven Media Group. , said it’s confident of gaining shareholders’ support after a rights offer to smaller investors to help fund the takeover was 14 percent subscribed.
Seven West Media Ltd., Australia’s most watched television broadcaster, reported a first-half loss after making A$261 million ($270 million) of charges including writing down its magazines and online venture with Yahoo! Inc.
Seven Group Holdings Ltd., the media investment company controlled by billionaire Kerry Stokes, rose to a four-month high in Sydney after agreeing to sell its Vividwireless Internet unit for A$230 million ($248 million).
When Rio Tinto Group decided it had to part with Chief Executive Officer Tom Albanese, the second- largest mining company turned to Sam Walsh, whose iron ore unit has generated almost $40 billion in profit in seven years.
News Corp., the company controlled by Rupert Murdoch, gained regulatory approval to buy Consolidated Media Holdings Ltd. in a A$2 billion ($2.1 billion) deal that may strengthen its hold on pay-television in Australia.