Murdoch takes stake in Oz rival Fairfax

Rupert Murdoch's News Corporation has taken a 7.5% stake in its long-time Australian rival, John Fairfax Holdings, sparking further speculation about the wisdom of the government's relaxation of media ownership laws. News explained that its A$364m (£145m) acquisition was a "strategic investment." But Labour politicians view it as a way of Murdoch ensuring that he would have a voice in Fairfax's future in an anticipated media shake-up. Prime minister John Howard disagreed, saying: "People buy and sell shares every day and I just think everyone ought to calm down." (Via The Australian)