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Myer rules out using VA to exit leases

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 : 27-Mar-18

Struggling retailer Myer is saddled with $A2.7 billion worth of leases, and it has been suggested that it could enter into voluntary administration in order to get out of its lease commitments. Such a strategy was adopted by retailers OrotonGroup and SumoSalad. However, a spokesperson for Myer says it has no plans to enter into voluntary administration, noting that it continues to be solvent. Joe Hayes of Wexted Advisors says that entering into voluntary administration could create more problems for Myer than it might solve.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, OROTONGROUP LIMITED – ASX ORL, SUMO SALAD, WEXTED ADVISORS, McGRATH NICOL AND PARTNERS SERVICES PTY LTD

$200m hole in media rights feared as sponsors getting cold feet

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Original article by Nick Tabakoff
The Australian – Page: 6 & 7 : 27-Mar-18

Media analyst Greg Fraser says Cricket Australia was always unlikely to secure a $A1bn deal for broadcasting rights, but the ball-tampering scandal means it can expect to gain $A800m at best for its next rights deal. This includes no more than $A500m for rights to international cricket matches, but potentially more than $A300m for the domestic Twenty20 Big Bash League. Meanwhile, major sponsors of cricket in Australia have expressed disappointment over the scandal, although none are believed to have sought to terminate their deals as yet.

CORPORATES
CRICKET AUSTRALIA, BIG BASH LEAGUE, MAGELLAN FINANCIAL GROUP LIMITED – ASX MFG, ACCENTURE AUSTRALIA LIMITED, QANTAS AIRWAYS LIMITED – ASX QAN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, LION PTY LTD, SANITARIUM HEALTH FOOD COMPANY, TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION

Leyonhjelm’s despair for erosion of press freedom

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Original article by Simon Benson
The Australian – Page: 2 : 26-Mar-18

Liberal Democrat senator David Leyonhjelm has accused the Abbott and Turnbull governments of the biggest crackdown on freedom of the press for many years through various laws. Leyonhjelm contends the crackdown began with Abbott in 2013, when Leyonhjelm says Abbott tried to make political mileage out of national security. Commenting on proposed espionage legislation that critics say could see journalists jailed for just doing their job, Attorney-General Christian Porter says he does not think any Australian would support the release of information that might risk the lives of ASIO or AFP staff or result in the death of an Australian.

CORPORATES
LIBERAL DEMOCRATIC PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN FEDERAL POLICE, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN LABOR PARTY

CA rejection opens door to pay-TV deal

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Original article by Darren Davidson
The Australian – Page: 24 & 26 : 26-Mar-18

Cricket broadcasting rights are likely to be shared by the free-to-air and pay-TV sectors, after Cricket Australia rejected a joint bid by the Nine and Ten networks. CBS executive Armando Nunez has also met with Tennis Australia officials, although his priority is said to be retaining Ten’s broadcasting rights to Big Bash League matches. Meanwhile, Facebook and Google have declined to comment on whether they have expressed interest in acquiring cricket streaming rights.

CORPORATES
CRICKET AUSTRALIA, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION, BIG BASH LEAGUE, TENNIS AUSTRALIA, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, SINGTEL OPTUS PTY LTD, ENGLISH PREMIER LEAGUE, TELSTRA CORPORATION LIMITED – ASX TLS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Coles’ capital structure key to Wesfarmers demerger success

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 & 32 : 20-Mar-18

Wesfarmers will retain a shareholding of up to 20 per cent in Coles and a seat on its board if the proposed demerger proceeds. David Errington from Bank of America Merrill Lynch does not endorse this idea, saying it would be better for Coles long-term if it has an independent board and share register. Investors and analysts are of the view that the potential for Coles to succeed once the demerger is completed will depend largely on its balance sheet and capital structure.

CORPORATES
WESFARMERS LIMITED – ASX WES, COLES SUPERMARKETS AUSTRALIA PTY LTD, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, WOOLWORTHS GROUP LIMITED – ASX WOW, KKR AND COMPANY LP, JP MORGAN AUSTRALIA LIMITED, PARADICE INVESTMENT MANAGEMENT PTY LTD, AIRLIE FUNDS MANAGEMENT PTY LTD

Journos reject spy risk claim for flawed law

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Original article by Dana McCauley
The Australian – Page: 26 & 28 : 19-Mar-18

Former Al Jazeera foreign correspondent Peter Greste has expressed concern about the potential impact of the Federal Government’s proposed espionage and foreign interference laws on freedom of speech. Media companies have also raised concerns about the limitations of the proposed laws in a new submission to federal parliament’s intelligence committee, while Law Council of Australia president Morry Bailes says the defence that reporting on an issue is in the public interest should be widened.

CORPORATES
AL JAZEERA, LAW COUNCIL OF AUSTRALIA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, UNIVERSITY OF QUEENSLAND, COMMUNIST PARTY (CHINA)

Nine, Ten mull joint cricket bid

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Original article by Darren Davidson
The Australian – Page: 26 & 28 : 19-Mar-18

Fox Sports will establish a cricket channel on Foxtel if its bid for cricket broadcasting rights is successful. Fox Sports bid includes Test and one-day international matches, as well as all Big Bash League matches except the finals. Meanwhile, the Nine and Ten networks are holding talks regarding a joint bid for broadcasting rights, while Seven West Media is also expected to bid. Cricket Australia has set a deadline of 19 March to submit bids, while Tennis Australia in turn is seeking bids for its broadcasting rights by 12 April.

CORPORATES
FOX SPORTS AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION, SEVEN WEST MEDIA LIMITED – ASX SWM, BIG BASH LEAGUE, TENNIS AUSTRALIA, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED

Forrest weighs return to High Court in cattle station battle

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Original article by Brad Thompson
The Australian Financial Review – Page: 4 : 16-Mar-18

Western Australia’s Court of Appeal has ruled in favour of Onslow Resources in the latest round of a legal dispute with mining magnate Andrew Forrest. The court has rejected an appeal by Forrest’s private company against the Supreme Court’s ruling that a licence associated with Onslow’s sand mining operations should be renewed. Onslow mines sand from the Ashburton River, which runs through Forrest’s Minderoo cattle station. A spokesman for Forrest says the businessman will consider appealing the decision.

CORPORATES
ONSLOW RESOURCES LIMITED, COURT OF APPEAL (WESTERN AUSTRALIA), FORREST AND FORREST, YARRI MINING PTY LTD, SUPREME COURT OF WESTERN AUSTRALIA, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY, HIGH COURT OF AUSTRALIA, FORTESCUE METALS GROUP LIMITED – ASX FMG

Media call for spy laws rewrite

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Original article by Primrose Riordan, Sam Buckingham-Jones
The Australian – Page: 2 : 16-Mar-18

Media companies and the Law Council of Australia have raised further concerns about the Federal Government’s foreign interference laws in new submissions to the Joint Parliamentary Committee on Intelligence & Security. The media industry argues that the bill is "deeply flawed" and it should be completely redrafted. The Law Council in turn has argued that the definition of some key terms in the draft bill need to be clarified, including "national security" and "news media".

CORPORATES
LAW COUNCIL OF AUSTRALIA, AUSTRALIA. JOINT PARLIAMENTARY COMMITTEE ON INTELLIGENCE AND SECURITY, AUSTRALIAN LABOR PARTY, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, TEN NETWORK HOLDINGS LIMITED, SKY NEWS, THE GUARDIAN AUSTRALIA, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, HUMAN RIGHTS LAW CENTRE LIMITED

Carve-up of cricket TV rights looms

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Original article by John Stebbins, Max Mason
The Australian Financial Review – Page: 13 & 18 : 15-Mar-18

Cricket Australia has set a deadline of 19 March to submit bids for a new six-year deal for cricket broadcasting rights. The tender documents show that Cricket Australia is open to allowing some Test and one-day international matches in Australia to be broadcast exclusively on pay-TV. Cricket Australia proposes to offer up to 11 separate broadcast packages, with media companies being able to bid for some or all of them. This could enable the Nine Network to make a joint bid with Foxtel for all forms of the game or allow Seven to gain some cricket rights.

CORPORATES
CRICKET AUSTRALIA, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOXTEL MANAGEMENT PTY LTD, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION, BIG BASH LEAGUE, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED, TWITTER INCORPORATED