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Seven West axes three of its most senior executives in major shakeup

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Original article by Zoe Samios
The Australian Financial Review – Page: Online : 26-Jun-24

Seven West Media veteran Kurt Burnette is said to be among the company’s senior executives to have been retrenched as part of a cost-cutting program. Burnette joined Seven in 1990, and was most recently the media group’s chief revenue officer. Seven Melbourne’s MD Lewis Martin, who is also the head of sport, has also been made redundant, along with chief marketing officer Melissa Hopkins. Recent media reports had revealed that Seven plans to shed up to 150 jobs in response to a difficult advertising market and the looming end of a revenue-sharing deal with Facebook’s parent Meta.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, META PLATFORMS INCORPORATED, FACEBOOK

Paladin’s $1.25bn bid for Canadian explorer

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Original article by Nick Evans
The Australian – Page: 15 & 19 : 25-Jun-24

Paladin Energy is offering 0.1076 of its shares for every share in Canada-based Fission Uranium, valuing the target at $1.25bn. Fission’s assets include the Patterson Lake South project in the province of Saskatchewan, which Paladin has described as one of the best ndeveloped uranium projects. Paladin is also preparing to resume production at its Langer Heinrich uranium mine in Namibia. Shares in uranium producers have rallied in response to a demand-driven surge in the uranium price over the last year.

CORPORATES
PALADIN ENERGY LIMITED – ASX PDN, FISSION URANIUM CORPORATION

Myer outlines expansion plan with Just Jeans, Jay Jays buy

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Original article by Kylar Loussikian
The Australian Financial Review – Page: 14 : 25-Jun-24

Premier Investments’ chairman Solomon Lew would become the biggest shareholder in Myer Holdings if a proposed deal to acquire the former’s Apparel Brands division proceeds. Myer has approached Premier Investments with the all-scrip deal, which would result in the department store group acquiring brands such as Just Jeans, Jay Jays and Portmans. Premier would in turn distribute the Myer shares to its stockholders. Myer’s executive chair Olivia Wirth says it is looking at both organic and inorganic investment opportunities.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, APPAREL BRANDS, JUST JEANS PTY LTD, JAY JAY’S JEANS WAREHOUSE PTY LTD, PORTMANS PTY LTD

Nine must address ‘issues of the past’, Sneesby tells his staff

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Original article by Sophie Elsworth
The Australian – Page: 3 : 18-Jun-24

Nine Entertainment CEO Mike Sneesby told staff in an email on Monday that the company is working to improve its culture, but that this can only be done by "acknowledging the issues of the past". His comments come amid allegations involving two senior male managers that involve "predatory behaviour", and as Kerri-Anne Kennerley, one of Nine’s most admired on-air personalities, stated that there was an entrenched culture of bullying at the television network. Sneesby’s email was sent a week after Peter Costello quit as Nine chairman after an incident with a journalist at Canberra Airport.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Miner seeks fair go on tax breaks

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Original article by Brad Thompson, Andrew Tillett
The Australian Financial Review – Page: 1 & 19 : 18-Jun-24

Tianqi Lithium CEO Frank Ha says the Chinese company expects to be treated the same as other foreign investors when it comes to getting access to the tax incentives that the federal government is offering to the critical minerals sector. Tianqi Lithium pioneered lithium processing in Australia, with Ha speaking as the company prepares to host Prime Minister Anthony Albanese and Chinese Premier Chinese Premier Li Qiang at its lithium hydroxide plant south of Perth on Tuesday; his call for Tianqi Lithium to get access to the tax incentives is backed by mining billionaire Andrew Forrest.

CORPORATES
TIANQI LITHIUM CORPORATION

$4.3b takeover ends 62 years of CSR on ASX

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Original article by Simon Evans
The Australian Financial Review – Page: 14 : 14-Jun-24

CSR shareholders have approved its $4.3 billion takeover by France-based Saint-Gobain, with their endorsement coming two days after the bid was approved by the Foreign Investment Review Board. The takeover gives Saint-Gobain ownership of brands such as Monier roof tiles, Gyprock plasterboard and Hebel building blocks. Some investors were unhappy about that the low price that Saint-Gobain was paying to secure control of CSR, but chairman John Gillam says the offer price of $9 per share was in the top third of the valuation range in an independent expert’s report.

CORPORATES
CSR LIMITED – ASX CSR, SAINT-GOBAIN, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Store sales may save mega deal

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Original article by Tom Richardson, Carrie LaFrenz
The Australian Financial Review – Page: 1 & 18 : 14-Jun-24

The Australian Competition & Consumer Commission has indicated that it has major concerns regarding Chemist Warehouse’s proposed $8.8 billion merger with Sigma Healthcare. The ACCC is particularly worried about the impact on smaller pharmacies that are supplied by Sigma in its role as a wholesaler. In a statement expressing its initial views on the proposed merger, the ACCC indicated that the transaction may lead to increased prices for the goods and services provided by pharmacies, while it could substantially lessen competition in pharmacy retailing. It is possible that Chemist Warehouse may have to sell some of its stores in order to get the ACCC’s approval for the merger.

CORPORATES
CHEMIST WAREHOUSE, SIGMA HEALTHCARE LIMITED – ASX SIG, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

News Corp to cut sales staff, up to 80 jobs to go

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Original article by Calum Jaspan
The Age – Page: Online : 13-Jun-24

News Corp Australia is set to announce further redundancies as part of a restructuring program and its push to reduce costs by up to $65m. The media group’s sales team is expected to bear the brunt of the latest jobs cuts, with speculation that up to 80 employees will be retrenched. However, a News Corp spokesperson has dismissed claims that 40 per cent of its sales personnel will be sacked. News Corp Australia’s executive chairman Michael Miller recently downplayed speculation that more than 100 journalists will also be retrenched.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

News outlets producing covert marketing for McDonald’s, KFC and Domino’s, study finds

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Original article by Natasha May
The Guardian Australia – Page: Online : 5-Jun-24

Researchers have concluded that Australian media outlets are overtly endorsing fast-food products by publishing positive stories that are based on press releases issued by these restaurant chains. The research team analysed all press releases issued by McDonald’s, KFC and Domino’s Pizza Enterprises between July 2021 and June 2022. These press releases were found to have generated 86 articles in 31 news outlets; four of the articles were identical to the corresponding press release, while many others were largely based on the original press release. All but six of the articles were favourable towards the fast-food chains.

CORPORATES
McDONALD’S AUSTRALIA LIMITED, KFC, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP

News Corp pain as executive heads roll

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 14 : 5-Jun-24

News Corp Australia’s state general managers are among the casualties of the media group’s restructuring program. Other News Corp staff who are said to have been retrenched include the general manager of print production, Marcus Hooke. Some editors of metropolitan mastheads will also take on additional responsibilities at part of the move to split the company’s publishing operations into three divisions. Meanwhile, former Sunday Telegraph editor Mick Carroll will succeed Lisa Muxworthy as editor-in-chief of the news.com.au website, while Lou Barrett will head the new national sales team.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS