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Kerry Stokes' Seven Network has bought a stake in newspaper publisher Fairfax.
The network has bought a less than five per cent stake in the publisher of The Sydney Morning Herald, The Age and The Australian Financial Review, according to a report in The Australian newspaper today.
Seven, which already owns 14.9 per cent of West Australian Newspapers (WAN), does not have to disclose its Fairfax shareholding until it becomes a substantial shareholder with at least a five per cent holding.
The company confirmed it had bought a stake in Fairfax yesterday without revealing details.
The Australian said Seven was amassing a portfolio of strategic media assets ahead of imminent changes to media ownership laws, armed with A$3.2 billion ($3.71 billion) in cash after last month's deal to sell half of its media business group to a private equity group.
- AAP
