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Nine and News Corp in tie-up talks on cricket

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Original article by Max Mason
The Australian Financial Review – Page: 30 : 26-Feb-18

The Ten Network may lose the Big Bash League broadcasting rights if a potential deal between Nine Entertainment Company and News Corp’s Fox Sports comes to fruition. Sources have indicated that they may a joint bid for all forms of the game, with Nine to retain its existing coverage of international matches and share coverage of the domestic Twenty20 competition with Fox Sports. The two media groups are believed to be proposing to offer between $A130m and $A150m per year, although they have not yet approached Cricket Australia.

CORPORATES
NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOX SPORTS AUSTRALIA PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TEN NETWORK HOLDINGS LIMITED, BIG BASH LEAGUE, CRICKET AUSTRALIA, CBS CORPORATION, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE

David Jones not looking at riding to Myer’s rescue

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Original article by Eli Greenblat
The Australian – Page: 19 : 23-Feb-18

Department store chain Myer canvassed rival David Jones about what would have been a $A3 billion merger in late 2013, but the potential deal never got off the ground. Myer shares fell a record low of less than $A0.50 on 22 February, amid growing fears about its financial health. Ian Moir, the CEO of David Jones’ parent Woolworths Holdings, said he has no interest in making a bid for Myer. David Jones’ operating profit fell by 29.4 per cent in the December half, and Moir said his focus is on improving its performance.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED

Nine has options if cricket broadcast rights escalate

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Original article by Darren Davidson
The Australian – Page: 19 : 23-Feb-18

Nine Entertainment Company has posted a 2017-18 interim net profit of $A116m, compared with $A75m previously, with revenue rising nine per cent to $A720m. Meanwhile, CEO Hugh Marks says that while Nine wants to retain the cricket broadcasting rights, it will not pay an excessive price. He has also signalled that Nine may be open to a joint bid for the cricket rights. Nine paid $A500m for international cricket broadcasting rights under the current five-year deal, with Ten paying $A100m for Big Bash League rights. There has been speculation that the next rights deal could cost close to $A1bn.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED, BIG BASH LEAGUE, CRICKET AUSTRALIA

Wesfarmers in push for tax cuts

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Original article by Eli Greenblat
The Australian – Page: 17 & 27 : 22-Feb-18

Wesfarmers has posted a 2017-18 interim net profit of $A212m, which is 86.6 per cent lower than previously. Group revenue rose 2.8 per cent to $A35.9bn, while Bunnings’ revenue in Australia and New Zealand was 10.2 per cent higher at $A6.566bn. Supermarket chain Coles posted revenue of $A19.978bn, which is in line with the previous corresponding period. Wesfarmers CEO Rob Scott has called for corporate tax cuts to ensure that Australian companies are globally competitive, adding that a lower tax rate will ultimately boost wages.

CORPORATES
WESFARMERS LIMITED – ASX WES, BUNNINGS GROUP LIMITED, COLES SUPERMARKETS AUSTRALIA PTY LTD, TARGET AUSTRALIA PTY LTD, KMART AUSTRALIA LIMITED, OFFICEWORKS SUPERSTORES PTY LTD, COCA-COLA AMATIL LIMITED – ASX CCL, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Hywood seeks cuts as Fairfax print sales fall

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Original article by Dana McCauley
The Australian – Page: 17 & 21 : 22-Feb-18

Fairfax Media has posted a 2017-18 interim net profit of $A38.5m, which is 54 per cent lower than previously. Underlying net profit fell 10 per cent to $A76.3m and revenue was down four per cent at $A877m. The Australian Metro Media division’s print advertising revenue and circulation revenue were down 13.4 per cent and 3.9 per cent respectively. Fairfax reduced costs by 11 per cent during the half-year, and CEO Greg Hywood says the group will seek further cost cuts. He also says Fairfax will be open to mergers and acquisitions, while it intends to sell or discontinue 28 print publications in New Zealand.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, METRO MEDIA PUBLISHING PTY LTD, STUFF LIMITED, MACQUARIE MEDIA LIMITED – ASX MRN, STAN ENTERTAINMENT PTY LTD, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Super Retail punished for $134m Macpac buy

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Original article by Eli Greenblat
The Australian – Page: 19 : 21-Feb-18

Super Retail Group has reported a 2017-18 interim net profit of $A72.2m, which is three per cent lower than previously and below analysts’ forecasts. Group sales rose by 2.2 per cent to $A1.323bn, although its BCF and Rays businesses underperformed. Meanwhile, Super Retail’s shares closed 14.5 per cent lower on 20 February after the group revealed plans to acquire outdoor adventurewear retailer Macpac for $A134m. Shareholders will receive an interim dividend of $A0.215 per share.

CORPORATES
SUPER RETAIL GROUP LIMITED – ASX SUL, BCF BOATING CAMPING FISHING, RAYS, MACPAC WILDERNESS EQUIPMENT, SUPER CHEAP AUTO, REBEL SPORT LIMITED

Abboud on list as Myer chases chief

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Original article by Bridget Carter
The Australian – Page: 17 & 20 : 21-Feb-18

Department store group Myer Holdings has engaged the services of executive search firm Spencer Stuart to find a successor to dumped CEO Richard Umbers. Spencer Stuart is said to be in the early stages of identifying potential candidates, but former David Jones CEO Paul Zahra is believed to be the leading contender for the role. Other potential candidates are said to include ex-Dick Smith Holdings CEO Nick Abboud and PAS Group CEO Eric Morris. Abboud and Morris have both previously held executive roles at Myer.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, SPENCER STUART AND ASSOCIATES, DAVID JONES LIMITED, DICK SMITH HOLDINGS LIMITED, THE PAS GROUP LIMITED – ASX PGR, ANCHORAGE CAPITAL PARTNERS PTY LTD, WOOLWORTHS GROUP LIMITED – ASX WOW, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PREMIER INVESTMENTS LIMITED – ASX PMV, BRISCOES, CENTRAL DEPARTMENT STORE GROUP, HOLT RENFREW AND COMPANY LIMITED, FOSCHINI GROUP

Seven cuts dividend to focus on debt

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Original article by Max Mason
The Australian Financial Review – Page: 18 : 21-Feb-18

Seven West Media has posted a 2017-18 interim underlying net profit of $A100.7m, which is 5.2 per cent higher than previously. EBITDA was up 3.5 per cent at $A176.8m, but revenue fell 10.4 per cent to $A809.4m. The media group reduced its costs by $A13.8m during the first half, and it aims to cut costs by $A40m over the full year. CEO Tim Worner says dividends have been put on hold to enable Seven to reduce its debt and capitalise on potential merger opportunities in the wake of the federal government’s cross-media ownership reforms.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, YAHOO!7 COMMUNICATIONS AUSTRALIA PTY LTD, AUSTRALIAN FOOTBALL LEAGUE, MACQUARIE GROUP LIMITED – ASX MQG

Networks douse CA’s rights hopes

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Original article by Darren Davidson, Dana McCauley
The Australian – Page: 23 & 25 : 19-Feb-18

Cricket Australia hopes to gain nearly $A1bn for its next broadcasting rights deal, compared with $A600m for the five year-deal that expires in 2018. However, free-to-air TV network executives have warned that the industry cannot afford a large increase in the cost of broadcasting rights. Some have noted that the new rights deal between European pay-TV company Sky and the English Premier League is significantly lower than the previous deal. There is speculation that a free-to-air network will bid for the cricket rights in partnership with Fox Sports.

CORPORATES
CRICKET AUSTRALIA, NINE NETWORK AUSTRALIA LIMITED, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED, FOX SPORTS AUSTRALIA PTY LTD, ENGLISH PREMIER LEAGUE, SKY PLC, BT PLC, AMAZON.COM INCORPORATED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, NETFLIX INCORPORATED, CBS CORPORATION, BIG BASH LEAGUE

Costco & Kmart battle for 2017 customer satisfaction award

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Feb-18

Roy Morgan’s Single Source survey shows that Costco (88.9%) had the highest customer satisfaction rating among Australian discount department stores in November 2017, ahead of Kmart on 88.3%. Costco (with five monthly victories) and Kmart (four victories) are locked in a tight battle for the 2017 Roy Morgan Discount Department Store Customer Satisfaction Award. Target, the defending Discount Department Store of the year, has lost ground over the past year and been unable to build on an early monthly victory in March. Target’s customer satisfaction rating of 87.5% in November is down 0.4% points on a year ago. Also losing ground in the year to November 2017 are Steinhoff Asia-Pacific’s two discount department stores – Harris Scarfe on a customer satisfaction rating of 85.9%, down 1.6% points on a year ago, and Best & Less on 85.2%, down 2.2% points.

CORPORATES
ROY MORGAN LIMITED, COSTCO WHOLESALE AUSTRALIA PTY LTD, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, HARRIS SCARFE HOLDINGS LIMITED, BEST AND LESS PTY LTD, STEINHOFF ASIA-PACIFIC