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Investors wary of Wesfarmers’ Homebase bid

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Original article by Catie Low,{SPAC}Brian Robins
The Australian Financial Review – Page: 11 & 16 : 15-Jan-16

Wesfarmers plans to launch its Bunnings brand in the UK via the acquisition of the Homebase home improvement business from Home Retail Group for $A700m. Craig Young of Nikko Asset Management cautions that Wesfarmers may not able to replicate the success of Bunnings in the UK, noting that US-based Lowe’s has struggled in Australia with the Masters joint venture. He adds that Wesfarmers’ success in the UK will also depend on the quality of the management team it selects to run the business.

CORPORATES
WESFARMERS LIMITED – ASX WES,{SPAC}BUNNINGS GROUP LIMITED,{SPAC}HOMEBASE,{SPAC}HOME RETAIL GROUP PLC,{SPAC}NIKKO ASSET MANAGEMENT GROUP,{SPAC}LOWE’S COMPANIES INCORPORATED,{SPAC}MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD,{SPAC}WOOLWORTHS LIMITED – ASX WOW,{SPAC}WAL-MART STORES INCORPORATED,{SPAC}COLES GROUP LIMITED,{SPAC}J SAINSBURY PLC,{SPAC}ARGOS,{SPAC}ARMYTAGE PRIVATE LIMITED,{SPAC}KINGFISHER PLC,{SPAC}TRAVIS PERKINS PLC,{SPAC}JP MORGAN AND COMPANY INCORPORATED

Netflix a ‘threat to jobs’ without media reforms

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Original article by Darren Davidson
The Australian – Page: 1 & 2 : 14-Jan-16

Changes to cross-media ownership laws remain on the Australian Government’s agenda, and Nine Entertainment Company CEO Hugh Marks argues that reforms are necessary for local companies to compete effectively against offshore groups like Netflix. He notes that the subscription video-on-demand provider is not subject to the same regulations and does not pay a licence fee. Marks adds that lack of reform will threaten jobs in the industry and the production of local content.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, NETFLIX INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, STAN ENTERTAINMENT PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, WIN CORPORATION PTY LTD, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Hall says yes; next comes the pre-nup

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 1 & 2 : 13-Jan-16

Media mogul Rupert Murdoch will marry for the fourth time after using the classifieds section of "The Times" to announce his engagement to Jerry Hall. The former model was married to Sir Mick Jagger until 1999, while Murdoch’s most recent marriage to Wendi Deng ended with a divorce settlement that is believed to have been worth about $US100m in 2013. Murdoch’s impending marriage is unlikely to have any impact on succession planning at News Corporation and 21st Century Fox.

CORPORATES
NEWS CORPORATION – ASX NWS, 21ST CENTURY FOX INCORPORATED

New Dick Smith CEO hopes to find a buyer

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Original article by Patrick Hatch
The Australian Financial Review – Page: 13 & 18 : 13-Jan-16

Receiver Ferrier Hodgson has received more than 40 expressions of interest in buying failed consumer electronics retailer Dick Smith. Meanwhile, Don Grover has been appointed as interim CEO following the resignation of Nick Abboud. He had the led the company since its acquisition by Anchorage Capital Partners in 2012. The slump in Dick Smith’s share price prior to its collapse had reduced the value of Abboud’s shareholding by almost $A30m.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, FERRIER HODGSON AND COMPANY, FUSION RETAIL BRANDS PTY LTD, JB HI-FI LIMITED – ASX JBH, DIANA FERRARI (AUSTRALIA) PTY LTD, WILLIAMS SHOES, MATHERS SHOES PTY LTD, COLORADO GROUP LIMITED, FORAGER FUNDS MANAGEMENT PTY LTD, ANCHORAGE CAPITAL PARTNERS PTY LTD, OWNERSHIP MATTERS PTY LTD, WOOLWORTHS LIMITED – ASX WOW, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, STANDARD AND POOR’S ASX 200 INDEX

Gayle hires Hockey’s lawyer for Fairfax case

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Original article by Peter Lalor, Simon King
The Australian – Page: 3 : 8-Jan-16

Australian lawyer Mark O’Brien will represent West Indian cricket player Chris Gayle in a defamation lawsuit against Fairfax Media. The lawsuit is in response to media reports that Gayle indecently exposed himself to a female employee of the team in the dressing rooms during a 2015 World Cup match in Sydney. Gayle has denied the allegations and the International Cricket Council has indicated that it is not aware of the alleged incident.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, INTERNATIONAL CRICKET COUNCIL, TEN NETWORK HOLDINGS LIMITED – ASX TEN, INSIGNIA SPORTS INTERNATIONAL

Rivals to gain from Dick Smith’s demise

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Original article by Jessica Gardner
The Australian Financial Review – Page: 15 : 7-Jan-16

Thomas Kierath of Morgan Stanley expects the collapse of Dick Smith to boost the annual sales of JB Hi-Fi and Harvey Norman by around $A200m apiece, and lift their net profits by up to $A20m. David Thomas of CLSA says JB Hi-Fi is likely to gain the most benefit from the closure of any Dick Smith stores, although Matthew Felsman of APP Securities notes that signs of slowing demand for Apple’s iPhone may hit JB Hi-Fi.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, MORGAN STANLEY AUSTRALIA LIMITED, CLSA AUSTRALIA PTY LTD, APP SECURITIES PTY LTD, APPLE INCORPORATED, THE GOOD GUYS, WOW SIGHT AND SOUND PTY LTD, FORAGER FUNDS MANAGEMENT PTY LTD

Dick Smith put in fire sale bin

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Original article by Kylar Loussikian
The Australian – Page: 15 & 16 : 6-Jan-16

Ferrier Hodgson hopes to sell the Dick Smith consumer electronics business as a going concern, although some analysts question whether there will be much interest in the retailer. Dick Smiths Holdings’ lenders appointed Ferrier Hodgson as receivers after the listed company went into voluntary administration. Dick Smith owes creditors about $A300m, while people who hold gift vouchers will not be able to redeem them.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, FERRIER HODGSON AND COMPANY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, HSBC AUSTRALIA HOLDINGS PTY LTD, PMP LIMITED – ASX PMP, WOOLWORTHS LIMITED – ASX WOW, ANCHORAGE CAPITAL PARTNERS PTY LTD, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, CYAN INVESTMENT MANAGEMENT PTY LTD, IG MARKETS LIMITED, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, ALDI STORES SUPERMARKETS PTY LTD, AFFINITY EDUCATION GROUP LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, FORAGER FUNDS MANAGEMENT PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, BLACKROCK INCORPORATED, FIDELITY WORLDWIDE INVESTMENT, MYER HOLDINGS LIMITED – ASX MYR, BLOOMBERG LP, THE GOOD GUYS

Murdoch’s media pay least tax

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 9 : 6-Jan-16

Data from the Australian Taxation Office shows that 10 media companies paid no income tax in Australia in 2014. Eight of these companies are either owned or partly-owned by members of the Murdoch family. These include Ten Network, Nova Entertainment and two companies owned by News Corporation. Nine Entertainment Company and BBC Worldwide Australia Holdings also paid no tax in 2014, while Fairfax Media’s total tax bill for the year was $A16m.

CORPORATES
AUSTRALIAN TAXATION OFFICE, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NOVA ENTERTAINMENT PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, BBC WORLDWIDE AUSTRALIA HOLDINGS, FAIRFAX MEDIA LIMITED – ASX FXJ, FOXTEL MANAGEMENT PTY LTD, NEWS AUSTRALIA HOLDINGS PTY LTD, NEWS AUSTRALIA INVESTMENTS PTY LTD, NEWS PAY TV FINANCING PTY LTD, 21ST CENTURY FOX INCORPORATED, APN NEWS AND MEDIA LIMITED – ASX APN, REA GROUP LIMITED – ASX REA, FOXTEL HOLDINGS PTY LTD, XYZNETWORKS PTY LTD, FOX FILMED ENTERTAINMENT AUSTRALIA PTY LTD, SHINE AUSTRALIA HOLDINGS PTY LTD

Dick Smith bankers call in receivers

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Original article by John Durie, Kylar Loussikian
The Australian – Page: 14 & 16 : 5-Jan-16

Dick Smith Holdings went into voluntary administration on 4 January 2016, after the listed consumer electronics retailer’s shares were placed in a trading halt. National Australia Bank and HSBC have also appointed receivers from Ferrier Hodgson to the embattled group. Dick Smith shares were trading at $A0.35 on 31 December 2015, having reached a low of $A0.20 earlier in the month. The company was listed on the sharemarket at $A2.20 in late 2013.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, HSBC AUSTRALIA HOLDINGS PTY LTD, FERRIER HODGSON AND COMPANY, LION NATHAN LIMITED, GEORGE WESTON FOODS LIMITED, WILLIAM ROBERTS LAWYERS, MYER HOLDINGS LIMITED – ASX MYR, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, FORAGER FUNDS MANAGEMENT PTY LTD, ANCHORAGE CAPITAL PARTNERS PTY LTD, WOOLWORTHS LIMITED – ASX WOW, CREDIT SUISSE (AUSTRALIA) LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Let market decide local content

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Original article by Dean Smith
The Australian Financial Review – Page: 38 : 4-Jan-16

Abolishing the "reach rule" is on the Australian Government’s agenda in 2016, with general consensus that it is no longer relevant. The "two-out-of-three rule" may also be scrapped, and the issue of local content in regional areas has now become a key focus of the debate on cross-media ownership reform. Regional TV broadcasters have proposed that a minimum level of local content must be maintained if cross-media laws are abolished. However, the Government must avoid replacing existing media regulations with new ones that may prove to be equally onerous.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, WIN CORPORATION PTY LTD, IMPARJA TELEVISION PTY LTD, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY