Rinehart, Murdoch and Packer boost their stakes in Ten Network Holdings

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Gina Rinehart, Lachlan Murdoch and James Packer have increased their number of Ten Network shares by investing millions of dollars in the media company’s recent fund raising venture.

Ten raised $200 million by issuing new shares to its investors earlier in June, and chairman Mr Murdoch and major shareholders Ms Rinehart and James Packer all took up their entitlements in the offer.

But their purchase of new shares does not increase their interests in the company.

Ms Rinehart bought almost 39.2 million Ten shares for almost $20 million, and Mr Murdoch spent $35.7 million on more than 70 million new shares, notices sent to the Australian Securities Exchange (ASX) on Tuesday show.

Ms Rinehart holds a 10 per stake in Ten, and Mr Murdoch and Mr Packer each hold about nine per cent.

Ten’s shares were down one cent at 50.5 cents at 1350 (AEST).