Fairfax sells US rural media arm for $76m

Fairfax Media has offloaded its US rural media business for $US79.9 million ($76.4m) following pressure from shareholder Gina Rinehart. The Australian reports that the sale is a clear sign that chairman Roger Corbett and the Fairfax board are listening to Mrs Rinehart and other shareholders after the actions of the board were harshly criticised at last month’s annual general meeting.