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Fifield warns ALP on job losses

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Original article by Rosie Lewis
The Australian – Page: 24 : 10-Jul-17

Communications Minister Mitch Fifield has urged the Australian Labor Party to support cross-media ownership reforms, arguing that there is unanimous support within the media industry for change. Labor continues to oppose abolition of the "two-out-of-three" rule, and communications spokeswoman Michelle Rowland says the reforms would have been passed by Parliament long ago if the Government had dropped this aspect of its media package.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN GREENS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WIN CORPORATION PTY LTD, PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, FREE TV AUSTRALIA LIMITED, COMMERCIAL RADIO AUSTRALIA LIMITED

Fairfax steps up Domain hard sell

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Original article by Scott Murdoch
The Australian – Page: 24 : 10-Jul-17

Domain is losing market share to REA Group in some markets, which may make it harder for Fairfax Media directors to convince shareholders to back a proposed demerger of the property listings business. Demergers also have a chequered history in Australia. Analysis by Credit Suisse in 2015 shows that spin-offs generally perform well in their first six months as a separately-listed company, while there is typically no significant benefit for shareholders of the parent company during this period.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN.COM.AU, REA GROUP LIMITED – ASX REA, CREDIT SUISSE (AUSTRALIA) LIMITED, TRADE ME GROUP LIMITED – ASX TME, APN NEWS AND MEDIA LIMITED – ASX APN, NZME LIMITED – ASX NZM, AUSTRALIAN RADIO NETWORK PTY LTD, ADSHEL PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, BHP BILLITON LIMITED – ASX BHP, SOUTH32 LIMITED – ASX S32, AMCOR LIMITED – ASX AMC, PAPERLINX LIMITED – ASX PPX, ARRIUM LIMITED – ASX ARI, BLUESCOPE STEEL LIMITED – ASX BSL, CSR LIMITED – ASX CSR, RINKER GROUP LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, TABCORP HOLDINGS LIMITED – ASX TAH, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, WESTFIELD CORPORATION – ASX WFD, SCENTRE GROUP – ASX SCG, TREASURY WINE ESTATES LIMITED – ASX TWE, TPG CAPITAL LP, HELLMAN AND FRIEDMAN, MORGAN STANLEY AUSTRALIA LIMITED, MACQUARIE CAPITAL PTY LTD

Union backs new media plan

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Original article by Rosie Lewis
The Australian – Page: 2 : 7-Jul-17

Senator Nick Xenophon has proposed a range of measures aimed at preserving media diversity in talks with Communications Minister Mitch Fifield regarding cross-media ownership reforms. Media, ­Entertainment & Arts Alliance CEO Paul Murphy has welcomed Xenophon’s proposal to provide tax breaks for small and regional publications. Abolition of the "two-out-of-three" rule remains a stumbling block for the Federal Government, with continued opposition from the Australian Labor Party and One Nation.

CORPORATES
MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIAN GREENS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN WEST MEDIA LIMITED – ASX SWM, WIN CORPORATION PTY LTD, FACEBOOK INCORPORATED, GOOGLE INCORPORATED

ACCC looks at bids for shaky Ten

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Original article by Max Mason
The Australian Financial Review – Page: 13 & 16 : 5-Jul-17

The Australian Competition & Consumer Commission has been approached to assess whether a joint bid for the Ten Network by Lachlan Murdoch and Bruce Gordon would be likely to substantially reduce competition. The ACCC will issue a statement of issues by 24 July on a potential bid for Ten by their investment vehicles, Illyria and Birketu. A formal bid for Ten by Murdoch and Gordon would be conditional on changes to cross-media ownership rules, given their other media interests.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ILLYRIA PTY LTD, BIRKETU PTY LTD, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, 21ST CENTURY FOX INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, CANWEST GLOBAL COMMUNICATIONS CORPORATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PPB ADVISORY

Bid to break media deadlock

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Original article by Rosie Lewis
The Australian – Page: 5 : 5-Jul-17

Abolition of the "two-out-of-three" rule remains a major stumbling block for the Federal Government’s cross-media ownership reforms. However, Senator Nick Xenophon says the key issue is the need to ensure that diversity of media voices is increased and the industry creates and retains more jobs for journalists. The Nick Xenophon Team will propose a range of measures aimed at safeguarding media diversity, in a bid to resolve the impasse in the Senate.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Fairfax dives as suitors vanish

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Original article by Andrew White
The Australian – Page: 17 & 28 : 4-Jul-17

Fairfax Media has advised that its 2016-17 EBITDA will be within the range of $A262m to $A266m, compared with $A283.3m previously. Group revenue will be six per cent lower, although the Domain property listings business has posted revenue growth of 10 per cent. Fairfax shares fell sharply on 3 July after the media group ended talks with private equity suitors TPG Capital and Hellman & Friedman. Fairfax will now proceed with the demerger of Domain before the end of 2017, although it will retain a majority stake.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN.COM.AU, TPG CAPITAL LP, HELLMAN AND FRIEDMAN, STAN ENTERTAINMENT PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, ONTARIO TEACHERS’ PENSION PLAN, CCZ STATTON EQUITIES PTY LTD, CITIGROUP PTY LTD, REA GROUP LIMITED – ASX REA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Cricket rights set for delay amid pay war

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Original article by Nick Tabakoff
The Australian – Page: 24 : 3-Jul-17

Negotiations for a new cricket broadcasting rights deal are expected to be put on hold until 2018. Cricket Australia had commenced preliminary talks with TV networks, but factors such as the pay dispute with top cricketers and the collapse of the Ten Network may prompt a final deal to be delayed. Cricket Australia had been aiming to gain around $A900m for the next five-year rights deal, compared with about $A600m under the current deal. However, sports rights experts say Ten’s collapse means that around $A700m is more likely.

CORPORATES
CRICKET AUSTRALIA, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, BIG BASH LEAGUE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PPB ADVISORY, KORDA MENTHA AND COLLEAGUES PTY LTD, FEDERAL COURT OF AUSTRALIA, TENNIS AUSTRALIA

Private equity walks away from Fairfax

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Original article by Max Mason, Anthony Macdonald
The Australian Financial Review – Page: 1 & 2 : 3-Jul-17

TPG Capital will not proceed with a $A2.7bn bid for Fairfax Media after undertaking due diligence. Rival private equity suitor Hellman & Friedman had not submitted a binding bid by the deadline of 30 June, and Fairfax CEO Greg Hywood has indicated that the media group will now press ahead with its proposal to spin off the Domain property listings business. Thorney Investment Group chairman Alex Waislitz supports the demerger plan, and he has previously forecast that Domain’s EBITDA could rise from around $A115m at present to at least $A200m in the future.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, TPG CAPITAL LP, HELLMAN AND FRIEDMAN, DOMAIN.COM.AU, THORNEY INVESTMENT GROUP AUSTRALIA PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, STAN ENTERTAINMENT PTY LTD, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS

Licence fee win boosts TV, radio

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Original article by Stephen Brook
The Australian – Page: 19 : 29-Jun-17

Free TV chairman Harold Mitchell and Commercial Radio Australia CEO Joan Warner have welcomed the Federal Government’s decision to waive broadcasting licence fees for the 2016-17 financial year. The Government proposes to permanently replace broadcasting licence fees with a spectrum charge as part of its media cross-ownership reforms. Shares in listed media companies rallied after the one-off waiver was announced. It is expected to save broadcasters about $A127m.

CORPORATES
FREE TV AUSTRALIA LIMITED, COMMERCIAL RADIO AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY

New chief postie to get half the pay of her predecessor

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Original article by Glenda Korporaal
The Australian – Page: 4 : 28-Jun-17

Australia Post’s incoming CEO Christine Holgate will receive a base salary of $A1.375m when she takes the helm in October. She will also be entitled to performance bonuses, although her remuneration will be well below that of current CEO Ahmed Fahour. Holgate’s salary as CEO of Blackmores is around $A3m, and she says the issue of pay had not been raised in her discussions with Australia Post’s board. Chairman John Stanhope says Holgate was the "outstanding candidate" among those considered for the role.

CORPORATES
AUSTRALIA POST, BLACKMORES LIMITED – ASX BKL, TELSTRA CORPORATION LIMITED – ASX TLS, COLLINGWOOD FOOTBALL CLUB, AUSTRALIAN FOOTBALL LEAGUE