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High Court to rule on warrant AFP used to raid journalist Annika Smethurst’s Canberra home

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Original article by Elizabeth Byrne, Matthew Doran
abc.net.au – Page: Online : 15-Apr-20

The issue of press freedom will come under scrutiny again on 15 April, when the High Court decides on the validity of a search warrant used in a media raid in June 2019. News Corp journalist Annika Smethurst has challenged the legal validity of the search warrant issued to Australian Federal Police officers who raided her home in Canberra. Her lawyers have argued amongst other things that the law under which the warrant was issued was invalid because it breached the implied constitutional right to freedom of political communication. The ABC has unsuccessfully challenged the search warrant used in a separate raid on its Sydney premises.

CORPORATES
HIGH COURT OF AUSTRALIA, NEWS CORP AUSTRALIA PTY LTD, AUSTRALIAN FEDERAL POLICE, AUSTRALIAN BROADCASTING CORPORATION

Clock ticking on debt-laden Seven as lenders make plans

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Original article by Lilly Vitorovich, Perry Williams, Bridget Carter
The Australian – Page: 19 : 13-Apr-20

Seven West Media’s $541m debt equates to 2.4 times its underlying earnings. CEO James Warburton is seeking to reduce costs in response to the coronavirus-induced downturn in the advertising market, but there are concerns that Seven’s lenders may opt to on-sell their debt; any buyers of this debt could potentially call in their loans or gain control of Seven via a debt-for-equity swap. Seven’s outlook has been complicated by uncertainty regarding the future of its $40m deal to sell Pacific Magazines to Bauer Media.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PACIFIC MAGAZINES PTY LTD, BAUER MEDIA AUSTRALIA PTY LTD

Seven takes Bauer to court over mags deal

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 9-Apr-20

Seven West Media has stated that Bauer Media’s contract to buy Pacific Magazines is unconditional following recent regulatory approval for the $40m deal. Seven has launched court action to ensure that Bauer completes the deal. There has been speculation that Germany-based Bauer could withdraw from the Australian market following its decision to shut down its New Zealand arm. Seven in turn has flagged the possibility of further asset sales to reduce its $541m debt.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PACIFIC MAGAZINES PTY LTD, BAUER MEDIA AUSTRALIA PTY LTD, BAUER MEDIA KG

Foxtel’s tough week as 200 jobs go

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Original article by Leo Shanahan
The Australian – Page: 15 : 9-Apr-20

Pay-TV group Foxtel has responded to the coronavirus-induced downturn in advertising revenue by retrenching 200 employees. CEO Patrick Delany has told staff that the pandemic has forced the company to accelerate a "transformation" of its business due to digital disruption. A further 140 employees who work in its sports production division have been stood down until the end of June; Delaney notes that it is uncertain as to when live sporting events will resume. He adds that Foxtel is not eligible for the federal government’s JobKeeper wage subsidy scheme at present.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, KAYO SPORTS

Media groups slash costs as advertising slump bites

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 7-Apr-20

Southern Cross Media Group CEO Grant Blackley says the fundamentals of its business remain sound, despite the impact of the pandemic on the advertising market. Southern Cross will seek to reduce costs by $40m-$45m in 2020, while the proceeds of a $169m equity raising will be used to reduce its $330.5m debt. The group has also advised that advertising revenue fell 10 per cent year-on-year in the nine months to 31 March. Rival radio stations group HT&E has also flagged cost cuts, including temporary salary reductions and reduced working hours for its staff.

CORPORATES
SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, HT&E LIMITED – ASX HT1

New Zealand’s Netflix, Lightbox and Amazon Prime Video experience double digit growth in viewership

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-Apr-20

New data from Roy Morgan shows that a total of 2.42 million New Zealanders have access to Netflix in their household, an increase of 291,000 compared with a year ago. It is followed by Sky TV (including Neon) on 1.70 million (+66,000), Lightbox on 875,000 (+113,000), Apple TV on 377,000, Amazon Prime Video on 322,000 (+191,000) and YouTube Premium on 234,000 (-7,000). This new pay television data has been obtained from the Roy Morgan Single Source survey, derived from in-depth interviews with over six thousand New Zealanders each year. Roy Morgan CEO Michele Levine says that while Netflix remains the most popular pay television service, a number of its competitors are also experiencing considerable growth. Levine adds that the coronavirus lockdown should provide a boost to not only new entrants such as Disney Plus but also more established services as housebound Kiwis look for ways to entertain themselves.

CORPORATES
ROY MORGAN LIMITED, SKY NETWORK TELEVISION LIMITED – ASX SKT, NEON, LIGHTBOX, APPLE TV, AMAZON PRIME VIDEO, YOUTUBE PREMIUM, DISNEY+

Regional outlets plead for government help

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Original article by Lilly Vitorovich
The Australian – Page: 19 : 6-Apr-20

Free TV Australia CEO Bridget Fair has warned that the coronavirus pandemic is likely to reduce revenue across the media sector by 40-50 per cent. Regional broadcasters are holding talks with the federal government regarding financial assistance; they are believed to have cited factors such as the complexity of their operations, their large broadcast areas and the fact that metropolitan affiliates receive a significant proportion of their revenue. The print media is also struggling, with publication of some regional and community newspapers having been suspended due to the pandemic.

CORPORATES
FREE TV AUSTRALIA LIMITED, WIN CORPORATION PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, PRIME MEDIA GROUP LIMITED – ASX PRT, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN COMMUNITY MEDIA, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT AND COMMUNICATIONS

Nine targets $266m in cost cuts as virus hits

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 31-Mar-20

Nine Entertainment Company aims to reduce its costs by $266m in calendar 2020, including $102m in the first half. Amongst other things, the media giant expects its broadcasting division to achieve cost savings $130m if the entire NRL season is cancelled; this would be split across the 2019-20 and 2020-21 financial years. Nine has also advised that the coronavirus lockdown has prompted strong growth in subscriptions and usage of its Stan and 9Now streaming services.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, STAN ENTERTAINMENT PTY LTD, 9NOW

Seven pulls guidance amid advertising uncertainties

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Original article by Max Mason
The Australian Financial Review – Page: 25 : 25-Mar-20

Seven West Media has withdrawn the earnings guidance it issued in February, citing the impact of the coronavirus pandemic. Seven had already downgraded its underlying EBIT guidance for 2019-20 at its half-year results presentation. Seven’s advertising revenue will be hit by the AFL’s decision to suspend its 2020 season until at least the end of May. It is also the official broadcaster of the Tokyo Olympic Games, which were to have been a key source of advertising revenue for the media group in 2020.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM

How newsrooms are adapting to report the COVID-19 crisis

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Original article by Max Mason, Natasha Gillezeau
The Australian Financial Review – Page: 33 : 23-Mar-20

Australia’s media industry has responded to the coronavirus pandemic by implementing measures to protect staff and reduce the infection’s spread. This includes working from home, splitting staff into several rotating teams and using technologies such as video conferencing. Meanwhile, consumers are turning to trusted sources of information about the virus, with news and current affairs shows dominating the list of the 20 highest-rating TV programs in the last week. The websites of traditional newspaper publishers have also experienced a spike in traffic, while Guardian Australia editor Lenore Taylor says the online-only publisher’s site had record traffic every day during the last week.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN BROADCASTING CORPORATION, THE GUARDIAN AUSTRALIA, JUNKEE MEDIA PTY LTD