J55 Motion Picture and Sound Recording Activities

Low-budget mindset holds back Aussie TV

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Original article by Edmund Tadros
The Australian Financial Review – Page: 10 : 21-Dec-22

It is estimated that it typically costs between $2m and $2.5m to produce one hour of premium Australian drama. This compares with $US5m to $US7m ($7.5m to $10.4m) an hour for premium streaming content in the US. Former Nine Entertainment CEO Hugh Marks contends that Australia can produce drama programs on this scale, but the focus needs to shift from the current emphasis on quotas regarding the number of hours of local content that TV networks must broadcast. He argues that Australia must produce content that will appeal to global audiences, and that the industry must become more open to overseas funding sources. Marks is now the co-CEO of production and distribution studio Dreamchaser.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, DREAMCHASER

Streaming services come to the rescue of local TV drama

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Original article by Edmund Tadros
The Australian Financial Review – Page: 28 : 14-Nov-22

Data from Screen Australia shows that pay-TV and subscription streaming services spent $445m on producing Australian drama in 2021-22. In contrast, the nation’s free-to-air broadcasters invested just $208m in local dramas during the last financial year. Screen Australia CEO Graeme Mason says streaming services are producing more Australian drama because they know local audiences want to see Australian stories on the screen. However, Mason advocates imposing local content quotas on international streaming services such as Netflix and Disney+.

CORPORATES
SCREEN AUSTRALIA, NETFLIX INCORPORATED, DISNEY+

Slow-motion tax reform threatens film industry

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Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 24-Nov-21

Australia’s film and television industry is lobbying the federal government to increase the producer offset rate before parliament rises for the year. The offset was slated to rise from 20 per cent to 30 per cent from 1 July, and the industry has warned that some $400m worth of spending in the sector will be at risk if the legislation is not passed. Greens senator Sarah Hanson-Young has accused the government of attempting to "play political games" with the legislation, and called for it to be put before the Senate immediately.

CORPORATES
AUSTRALIAN GREENS

Netflix, Disney, Warner Bros sue telcos to block popular piracy websites

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Original article by Matthew Elmas
The New Daily – Page: Online : 23-Nov-21

Major Hollywood studies including Disney and Netflix have launched legal action against ISPs such as Telstra and Optus, demanding that they block Australians from accessing 34 websites that are linked to illegal content. With Australia regarded as a global ‘hotspot’ for film piracy, Victoria University’s senior lecturer in screen media Marc C-Scott suggests that the legal action will attract a lot of interest around the world.

CORPORATES
WALT DISNEY COMPANY, NETFLIX INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, VICTORIA UNIVERSITY

Court clears Village deal as dissenter stays away

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Original article by Max Maddison
The Australian Financial Review – Page: 27 : 16-Dec-20

The Federal Court has approved BGH Capital’s deal to acquire cinemas and theme parks group Village Roadshow. The company’s shareholders recently endorsed BGH’s scheme A offer of $3 per share. New York-based fund manager Mittleman Brothers opted against making an application to appear before the court, having been a vocal opponent of the takeover bid. BGH will have a 78 per cent stake in Village Roadshow, while the Kirby family and former CEO Graham Burke will hold a stake of about 22 per cent

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD, MITTLEMAN BROTHERS LLC, FEDERAL COURT OF AUSTRALIA

BGH lifts takeover offer for Village

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Original article by Ben Wilmot
The Australian – Page: 21 : 20-Nov-20

BGH Capital is set to increase its takeover offer for Village Roadshow from $2.22 per share to $3, valuing its revised bid at $586m. Spheria Asset Management’s portfolio manager Matthew Booker has previously indicated that an offer of around $3 per share should satisfy shareholders; Spheria has a 7.8 per cent stake in Village. However, 14.34 per cent shareholder Mittleman Brothers is of the view that the revised offer still undervalues the cinemas and theme parks group.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD, SPHERIA ASSET MANAGEMENT PTY LTD

Screen industry set for $400m federal boost

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Original article by Tom McIlroy
The Australian Financial Review – Page: 6 : 17-Jul-20

The federal government has announced $400 million in additional funding for the film and television industry as Australia hopes to take advantage of its success in dealing with COVID-19 to lure productions from other countries. The government hopes the expansion of its incentive scheme rules will help support as many as 8,000 short and long-term jobs a year, while large film and TV projects are reckoned to be worth $3 billion in foreign expenditure. The government has previously announced $250 million in support to help get Australia’s creative economy reactivated over the next 12 months.

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BGH bid to take Village Roadshow private

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Original article by Elouise Fowler
The Australian Financial Review – Page: 13 : 19-May-20

Shares in theme parks and cinemas operator Village Roadshow rose 17 per cent to $2.09 on 18 May after it advised that private equity firm BGH Capital is in discussions to acquire it for up to $468.5 million. BGH’s due diligence on Village is expected to take four weeks, and its bid is subject to a number of conditions, including obtaining Foreign Investment Review Board approval and securing debt financing. As well as advising of BGH’s offer, Village provided an trading update which noted that it only had $58 million in cash at the end of April.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD

Chinese giant snaps up Beatles

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Original article by James Dean
The Australian – Page: 3 : 2-Jan-20

A consortium led by Chinese internet company Tencent has signed a deal to buy 10 per cent of Universal Music Group, with an option to increase its stake to 20 per cent within a year. UMG, which is the world’s largest music label, is a unit of French company Vivendi, which also owns advertising group Havas and pay-TV company Canal+. The deal gives the Tencent-led consortium access to the back catalogues of Queen and the Beatles, along with artists such as Adele and Taylor Swift.

CORPORATES
TENCENT HOLDINGS LIMITED, UNIVERSAL MUSIC GROUP, VIVENDI SA, HAVAS, CANAL PLUS SA

Village Roadshow screened rival offer before Pacific Equity Partners deal

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Original article by Kylar Loussikian, Jennifer Duke
The Sydney Morning Herald – Page: Online : 24-Dec-19

Morningstar estimates that there is a 75 per cent chance that Village Roadshow Limited shareholders will accept a takeover proposal from Pacific Equity Partners. Meanwhile, it has been revealed that Village Roadshow Corporation’s owners considered a rival offer from BGH Capital before agreeing to accept PEP’s offer for its stake in VRL. VRC is owned by Robert Kirby, John Kirby and VRL CEO Graham Burke.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, VILLAGE ROADSHOW CORPORATION LIMITED, PACIFIC EQUITY PARTNERS PTY LTD, BGH CAPITAL PTY LTD, MORNINGSTAR PTY LTD