New disclosure material shows mining billionaire Gina Rinehart has provided most of the funding for media executive Bruce McWilliam’s acquisition of an almost 10% stake in Southern Cross Media, the company that owns the Seven Network, Triple M and Hit radio brands, and West Australian Newspapers. McWilliam’s holding is described across reports as approaching 10%, and the transaction is valued at about $26 million. The reporting notes that the funding arrangement is structured so Rinehart is not listed as taking a direct stake in Southern Cross Media at the outset. However, the deed connected to the arrangement can allow Rinehart to gain control of the shares if McWilliam breaches the terms of the agreement. The disclosures were published to the Australian Securities Exchange (ASX) and are cited as the basis for the accounts of how the investment is financed. The outlets describe the arrangement as unusual, but focus on the same core point: Rinehart largely bankrolls McWilliam’s purchase, while the control terms are linked to performance or compliance with the deed.