Clive Palmer eyes Fairfax

Billionaire Clive Palmer has flagged setting up a blind trust funded by himself, and other high net worth investors, to take significant investment positions in Australian media groups.

He is quoted as saying that he has a desire to ensure diversity in the sector remains, and hopes to support newspapers that are struggling. Palmer told the FInancial Review that he was "looking at media very strongly". 

He went on to say that his priority was to invest in was Fairfax Media, and attacked its rival News Limited saying "ultimate power tends to corrupt, you saw what happened to the News of the World".

Whilst his interest appears to be in the press, were he to invest in Fairfax Media he would become a part-owner of the Fairfax Radio Network.