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Fox missed deadline to help save Ten

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 6-Sep-17

Ferrier Hodgson has indicated that Ten Network suitor CBS Corporation had agreed to a reduction in the price that Ten paid for its content in mid-June. However, the deal was dependent on 21st Century Fox also agreeing to cut the cost of its program supply deal. Fox was given a deadline of 13 June to accept the new terms for its supply deal, but the Murdoch-backed group failed to do so and Ten subsequently went into administration. The revised content supply deals were also conditional on Ten refinancing a $A200m loan facility with the Commonwealth Bank.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, 21ST CENTURY FOX INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FERRIER HODGSON AND COMPANY, KORDA MENTHA AND COLLEAGUES PTY LTD, FORT STREET ADVISERS PTY LTD, ILLYRIA PTY LTD, BIRKETU PTY LTD

Team X keeps tax aid on agenda

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Original article by Rosie Lewis, Darren Davidson
The Australian – Page: 24 & 26 : 4-Sep-17

Independent senator Nick Xenophon remains optimistic that his party can secure a deal with the Federal Government regarding cross-media ownership reforms. However, he stresses that any deal would be conditional on the Government agreeing to provide tax breaks for smaller media outlets. The Nick Xenophon Team’s initial proposal for tax breaks was rejected by the Government, which requires the support of 10 Senate crossbenchers for its media reform bill.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Harvey Norman offers buy-back olive branch

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 & 28 : 1-Sep-17

Listed furniture and homewares retailer Harvey Norman has posted a 2016-17 after-tax net profit of $A448.9m, which is 29 per cent higher than previously. The group’s underlying net profit was up 15.7 per cent to $A390.8m, while its franchised stores in Australia recorded 5.4 per cent growth in sales, to $A5.6bn. The company’s final dividend has been reduced, although chairman Gerry Harvey has flagged the possibility of a share buyback. Harvey Norman shares closed 7.5 per cent lower at $A4.08 on 31 August.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, DEUTSCHE BANK AG, OWNERSHIP MATTERS PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AMAZON.COM INCORPORATED

Administrators delay Ten report

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Original article by Darren Davidson
The Australian – Page: 22 : 1-Sep-17

Ten Network administrator KordaMentha has postponed the release of a report on the failed TV broadcaster until 4 September. The report was initially slated to be released on 31 August, and the delay will affect the timing of a creditors’ meeting. Ten’s shareholders will not recoup any of their investment if CBS Corporation buys Ten, which has prompted the Australian Shareholders’ Association to consider a class action on behalf of investors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Ten investors weigh class action

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Original article by Darren Davidson
The Australian – Page: 17 & 28 : 31-Aug-17

Australian Shareholders’ Association director Allan Goldin says it is too soon to know whether Ten Network investors will pursue a class action against the failed network. The ASA has held preliminary talks with law firms after it was revealed that Ten’s shareholders will receive no payout if CBS acquires the network. Meanwhile, Foxtel CEO Peter Tonagh says CBS has indicated that it intends to be a long-term owner of Ten. He also says Foxtel achieved its best monthly sales on record in July, with growth driven by the new Foxtel Now streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, FOXTEL MANAGEMENT PTY LTD, FOXTEL NOW, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FACEBOOK INCORPORATED, TWITTER INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, FOX SPORTS AUSTRALIA PTY LTD

Rio hunts for new diamond mine as clock ticks for Argyle operation

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Original article by Tess Ingram
The Australian Financial Review – Page: 19 : 30-Aug-17

Rio Tinto’s diamonds division will ramp up exploration as it seeks to replace the ageing Argyle and Diavik mines. Rio CEO Jean-Sebastien Jacques says the company will consider acquisitions in the sector, but its preferred option is to discover a new diamond deposit. He is optimistic that Rio can establish another diamond mine in Australia, and he would particularly like to find a new pink diamond mine, given the rarity of these diamonds and the premium prices they fetch.

CORPORATES
RIO TINTO LIMITED – ASX RIO, DE BEERS SA

No second TV option for News Corp

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Original article by Aaron Patrick, John Stensholt
The Australian Financial Review – Page: 15 : 30-Aug-17

The Australian Competition & Consumer Commission recently indicated that it would not oppose the acquisition of Ten Network by Lachlan Murdoch and Bruce Gordon. However, ACCC chairman Rod Sims said a similar deal to acquire Seven or Nine may not necessarily have been approved, given that their news bulletins have higher ratings than Ten. Media industry sources also suggest that any bid by News Corp to acquire one of Ten’s rivals would be blocked on competition grounds.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, SKY NEWS, MULTI CHANNEL NETWORK PTY LTD, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, CBS CORPORATION, PPB ADVISORY, KORDA MENTHA AND COLLEAGUES PTY LTD, 21ST CENTURY FOX INCORPORATED, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN LABOR PARTY

NXT considers further media compromise

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Original article by Rosie Lewis, David Crowe
The Australian – Page: 6 : 30-Aug-17

The Federal Government requires the support of 10 crossbench senators for its cross-media ownership reforms when Parliament resumes in early September. There are indications that the Nick Xenophon Team may be prepared to accept a compromise on its proposed tax break for smaller media companies in return for supporting the reforms. The Australian Labor Party has not changed its stance on opposing the abolition of the "two-out-of-three" rule.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION

Rivals brace for battle on the streaming front

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Original article by Darren Davidson
The Australian – Page: 6 : 29-Aug-17

The local launch of the CBS All Access subscription video-on-demand service is likely to be a key part of the strategy of Ten Network’s new owner. The fee-based service is expected to complement Ten’s existing "catch-up" streaming service, and CBS intends to make its TV shows available online a week after they are broadcast on Ten’s linear channels. CBS may also seek Australian sports broadcasting rights for its streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, CBS ALL ACCESS, STAN ENTERTAINMENT PTY LTD, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, NETFLIX INCORPORATED, NATIONAL FOOTBALL LEAGUE, SPECIAL BROADCASTING SERVICE (SBS), FOXTEL MANAGEMENT PTY LTD, SHOWTIME, VIACOM INCORPORATED, NATIONAL AMUSEMENTS INCORPORATED, CBS STUDIOS INTERNATIONAL

Media laws gift Ten from News to CBS

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Original article by Max Mason
The Australian Financial Review – Page: 1 & 14 : 29-Aug-17

The deal for US-based CBS to acquire Ten Network will not require changes to cross-media ownership laws, unlike the rival bid from Lachlan Murdoch and Bruce Gordon. The deal only requires approval from Ten’s creditors, a court and the Foreign Investment Review Board. Federal Opposition Leader Bill Shorten says the deal means cross-media ownership reforms are not necessary. Fairfax Media CEO Greg Hywood rejects Shorten’s claim that the proposed media reforms were primarily aimed at saving Ten, arguing that they are intended to ensure that the local media sector remains competition in a changing media landscape.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN LABOR PARTY, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEWS CORPORATION – ASX NWS, WIN CORPORATION PTY LTD, CBS ALL ACCESS, NETFLIX INCORPORATED, STAN ENTERTAINMENT PTY LTD, 21ST CENTURY FOX INCORPORATED, CANWEST GLOBAL COMMUNICATIONS CORPORATION, ONE NATION PARTY, AUSTRALIAN BROADCASTING CORPORATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, KORDA MENTHA AND COLLEAGUES PTY LTD