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Iron-ore heiress raids Ten Network

Gina Rinehart takes 10% stake in Oz broadcaster

In a surprise move, Australian iron-ore heiress Gina Rinehart has taken a 10% stake in the Ten Network for A$160 million ($155 million).

The acquisition follows media scions James Packer and Lachlan Murdoch’s raid on the commercial broadcaster last month.

They grabbed an 18% stake, worth $246 million, and are set to join the web’s board in December.

A statement from Rinehart’s Hancock Propecting, which is riding high on the local mining boom, said the company wanted to invest in the media business “given its importance to the nation’s future.”

Whether Rinehart plans to ride on the coattails of her media-savvy friends on the share registry or take a more active role has yet to be seen.

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