THE NEWS WRAP: Rinehart pulls shares on the back of $2.7 billion Fairfax loss

Gina Rinehart has had to pull some of her shares in Fairfax Media from the selling block after a reported lack of interest – despite a reduced selling price.

The Australian Financial Review reports that the billionaire mining magnate could find a buyer, via broker, for 117.3 million of her shares at 50 cents each, which would’ve taken her stake down to 10%.

The aborted sale follows Fairfax’s announcement of a massive $2.7 billion loss over the past year.

Billy Hyde and Allans in administration

Music retail chain Billy Hyde and Allans has been placed into receivership, with debts amounting to around $27 million.

Administrators Ferrier Hodgson said the business, which owes $13.5 million to unsecured creditors and $3 million in employee entitlements, would continue to trade ahead of a potential restructure.

Elisabeth Murdoch attacks News Corp values

Christmas at the Murdoch household may be a little frosty this year after a keynote speech by Elisabeth Murdoch in which she questioned News Corporation’s values.

Giving the MacTaggart lecture at the Edinburgh International Television Festival, Elisabeth said her father Rupert’s business had to answer “significant and difficult questions about how some behaviours fell so far short of its values”, adding “profit without purpose is a recipe for disaster.”

Overnight

The Dow Jones Industrial Average dropped 115.30 points, or 0.88%, to 13,057.46. The Australian dollar was down to US104.38 cents.