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Seven downgrades its TV ad market forecast

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 15 : 3-May-23

Seven West Media CEO James Warburton estimates that the TV advertising market fell by 11 per cent during the March quarter, and he expects a similar decline in the June quarter. Seven West had forecast in February that the advertising sales downturn in the March quarter would be in the "mid to high single-digits". However, Warburton notes that the TV ad market often rebounds quickly after a downturn. Warburton has also advised that Seven West now expects its operating costs for 2022-23 to be within the range of $1.2bn to $1.21bn, compared with previous guidance of $1.22bn to $1.23bn.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM

Regional journalist jobs go in News Corp restructure

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: Online : 13-Apr-23

News Corp Australia has declined to comment on reports that it may downsize its regional newspaper staff as part of a push to reduce costs. Sources have claimed that more than 100 regional journalist and editors were asked to attend an unscheduled video meeting on Tuesday afternoon which was hosted by national community masthead network editor John McGourty. He is said to have told them that jobs may be cut and some mastheads could be merged, but stressed that these are only proposals at this stage. News Corporation recently revealed plans to cut five per cent of its global workforce.

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

ABC staff cancel strike after winning pay rise, but some rankled by disrespect

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Original article by Zoe Samios
The Age – Page: Online : 23-Mar-23

The Media, Entertainment & Arts Alliance’s members at the ABC will not proceed with industrial action on Wednesday after the union reached an in-principle agreement with the public broadcaster for a new workplace deal. Cassie Derrick from the MEAA has praised the direct intervention of ABC MD David Anderson, and she emphasises that the dispute had not just been about pay. ABC employees will receive a pay rise of 11 per cent over three years, and a one-off bonus of $1,500. The ABC has also agreed to undertake an audit of the gender and cultural diversity pay gap, and implement a new framework for career progression. However, members of the Community & Public Sector Union at the ABC still intend to go on strike for two hours.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, COMMUNITY AND PUBLIC SECTOR UNION

News Corp encourages staff to try AI chatbot

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 19 : 8-Mar-23

News Corp Australia chairman Michael Miller has urged the media company’s staff to embrace artificial intelligence technology such as ChatGPT. Miller has told staff via email that AI will "change our industry", and noted that News Corp has already incorporated AI into its work practices. It has also established an AI Working Group to explore "high-value opportunities" for the technology.

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

ABC staff have called off Tuesday’s planned strike to consider a new pay offer

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Original article by Sophie Elsworth
The Australian – Page: Online : 7-Mar-23

ABC employees will not proceed with industrial action on Tuesday after the public broadcaster offered a sweetened pay deal. The ABC has offered a pay rise of 11.5 per cent over three years, backdated to the start of October 2022, and a sign-on bonus of $1,500. ABC employees have been pushing for annual pay rises of six per cent for three years, and negotiations with the broadcaster will continue. The 40-minute strike by ABC journalists had been timed to coincide with the latest interest rate announcement from the Reserve Bank.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Free TV in push for prime spot on screens

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 30 : 6-Mar-23

Australia’s commercial free-to-air networks have described prominence on connected TVs as the most important regulatory issue facing the industry. The federal government wants to legislate to ensure that the apps of local networks are pre-installed and prominently displayed on TV sets. However, Free TV Australia believes that the legislation should go further, and mandate that the apps of local broadcasters are displayed first on the home screens of connected TVs. Foxtel has criticised the networks’ push, contending that it constitutes a "free ride on Aussie consumers".

CORPORATES
FREE TV AUSTRALIA LIMITED, FOXTEL MANAGEMENT PTY LTD

ABC boss seeks peace deal as strike looms

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Original article by James Madden, Sophie Elsworth
The Australian – Page: 19 : 6-Mar-23

ABC MD David Anderson will meet with representatives of the Media, Entertainment & Arts Alliance on Monday, in a bid to avert industrial action over a new pay deal. The MEAA and the public broadcaster’s journalists have rejected an offer of a pay rise of 10.5 per cent over three years and are pushing for an annual increase of six per cent for three years. The proposed 40-minute strike on Tuesday has been timed to coincide with the Reserve Bank’s interest rate announcement. Longer strikes have been flagged in coming weeks if the ABC does not return to the bargaining table.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, RESERVE BANK OF AUSTRALIA

Federal government blocks Yuxiao Fund’s bid to increase its stake in Northern Minerals

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Original article by Stephen Dziedzic, Daniel Mercer
abc.net.au – Page: Online : 1-Mar-23

Treasurer Jim Chalmers has blocked an application from the Singapore-registered Yuxiao Fund to increase its stake in rare earths producer Northern Minerals from nearly 10 per cent to 19.9 per cent. Chalmers is said to have signed an order to block the transaction on 15 February, following a recommendation from the Foreign Investment Review Board. Northern Minerals’ executive chairman Nick Curtis says the fund is an investment vehicle for Chinese national Yuxiao Wu. Northern Minerals operates the Browns Range mine in Western Australia’s east Kimberley region, and it aims to become the first substantial producer of dysprosium outside of China.

CORPORATES
NORTHERN MINERALS LIMITED – ASX NTU, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Murdoch said Fox hosts endorsed idea of stolen election

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Original article by
The New Daily – Page: Online : 1-Mar-23

Court documents released in the US show that Fox Corp chairman Rupert Murdoch and other executives of the media group believed that Joe Biden had fairly won the 2020 presidential election. The documents also show that Murdoch had acknowledged under oath that some Fox hosts had "endorsed" the notion that Biden had "stolen" the election. Dominion Voting System is suing Fox Corp for defamation over Fox News’s coverage of the election. The voting technology company has argued that internal communications and depositions by Fox personnel prove that the network had knowingly spread falsehoods about Donald Trump election loss in order to bolster its ratings.

CORPORATES
FOX CORPORATION, FOX NEWS, DOMINION VOTING SYSTEMS

Bunnings eyes chunk of $10b pet sales

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 14 : 28-Feb-23

Perth-based conglomerate Wesfarmers has advised that its Bunnings chain will expand its product offering to include a broader pet-care range. Bunnings already sells pet-care products such as kennels, mats and bedding; its new in-store specialty department will be launched in March and feature an expanded range of products such as pet food and toys. Bunnings is hoping to increase its share of the $10bn specialty pet sector. Bunnings posted revenue of $9.8bn for the first half of 2022-23, an increase of 6.3 per cent.

CORPORATES
WESFARMERS LIMITED – ASX WES, BUNNINGS GROUP LIMITED