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News Corp profit falls as company hit by sluggish Australian economy

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Original article by Zoe Samios
The Sydney Morning Herald – Page: Online : 7-Feb-20

News Corporation has released its financial results for the three months to December, reporting a profit of $US103 million ($153.1 million). This compares to a profit of $US119 million in the prior year period, while revenue was down six per cent to $US2.48 billion, with the Rupert Murdoch-controlled company blaming the torpid Australian economy for the decline. Revenue for news and information services fell $16 million, with the Australian market down nine per cent. Subscriber numbers for Foxtel, which includes streaming services Foxtel Now and Kayo, declined from 3.065 million at the end of the September quarter to 2.95 million at the end of the December quarter.

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, FOXTEL NOW, KAYO SPORTS

Reporters’ data targeted

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Original article by Tamsin Rose
Herald Sun – Page: 8 : 6-Feb-20

A Department of Home Affairs report shows that Australian Federal Police officers were granted six warrants to access the telephone data of journalists during 2018-19. This is three times more than in the previous financial year. The warrants also allowed the AFP to access 20 historical data sets containing information about the journalists’ calls, texts and emails. Government agencies were also issued with 3,561 interception warrants in 2018-19. The AFP came under scrutiny in 2019 over a series of media raids.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN FEDERAL POLICE

Rugby blows its Fox Sports deal

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Original article by Jamie Pandaram
The Australian – Page: 32 : 6-Feb-20

Negotiations between Rugby Australia and Fox Sports for a new broadcasting rights deal have broken deal, with the pay-TV provider choosing not to renew the deal. The current five-year deal is worth $57m a year and is set to expire at the end of 2020. Rugby Australia is expected to seek a broadcasting rights deal with Optus; the Ten Network, which is Fox Sports’ broadcast partner, may continue to show some matches on free-to-air TV. Fox Sports has held the rugby broadcasting rights since 1996.

CORPORATES
FOX SPORTS AUSTRALIA PTY LTD, RUGBY AUSTRALIA, SINGTEL OPTUS PTY LTD, TEN NETWORK HOLDINGS LIMITED

Media’s pitch for a legal overhaul

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Original article by Nicola Berkovic
The Australian – Page: 2 : 5-Feb-20

The media industry’s Right to Know coalition has used a submission to a review of Australia’s uniform defamation laws to advocate greater protection for public-interest journalism. The coalition argues that public interest in freedom of expression should be one of the factors that courts must consider as part of a defence to defamation claims. It has also called for an overhaul of the maximum payouts that apply in defamation cases.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

Cat strikes back at weak Domain

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Original article by Leo Shanahan
The Australian – Page: 24 & 26 : 3-Feb-20

Australian Community Newspapers’ owners Antony Catalano and Alex Waislitz have paid about $10m for a 33 per cent stake in Realestateview.com.au. Catalano will join the board of the unlisted classified advertising group. Realestateview.com.au CEO Toby Balazs notes that combining its property listings with ACN’s portfolio of regional newspapers means it will have a digital audience of 5.4 million. Catalano expects the new venture to be a serious rival to Domain, although he concedes that Realstate.com.au is likely to remain the leading player in the sector.

CORPORATES
AUSTRALIAN COMMUNITY MEDIA, REALESTATEVIEW.COM.AU LIMITED, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, REALESTATE.COM.AU, REA GROUP LIMITED – ASX REA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Bauer boss urges ACCC: think digital

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Original article by Leo Shanahan
The Australian Financial Review – Page: 23 : 27-Jan-20

Bauer Media Australian CEO Brendon Hill has urged the Australian Competition & Consumer Commission to approve the proposed $40m merger with Pacific Magazines. The ACCC’s statement of issues identified concerns such as the potential for the prices of some magazines to rise and for their quality to decline. Hill is disappointed that the ACCC chose to focus on four titles, and he argues that the magazine market is much broader. He has also rejected suggestions that Bauer would discontinue some Pacific titles.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Kaufland exit helps Coles

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Original article by Eli Greenblat
The Australian – Page: 17 : 24-Jan-20

JP Morgan analyst Shaun Cousins says Coles and Metcash have most to gain from Kaufland’s decision to abandon the $100 billion Australian grocery market before it had even opened a store. He says the gap in the market that the German retailer had sought to fill was not obvious, while Citigroup’s Bryan Raymond says Kaufland’s exit has removed a major risk from what he says has been a very rational grocery industry in the past 12 months.

CORPORATES
COLES GROUP LIMITED – ASX COL, METCASH LIMITED – ASX MTS, KAUFLAND STIFTUNG & CO KG, JP MORGAN AUSTRALIA LIMITED, CITIGROUP PTY LTD

Bauer chief determined to proceed with $40m Pac Mags deal with Seven

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Original article by Zoe Samios
The Sydney Morning Herald – Page: Online : 24-Jan-20

Bauer Media Australia CEO Brendon Hill has stressed that the group’s proposed acquisition of Pacific Magazines is in the interests of the magazine industry. He adds that Bauer and its German parent are fully committed to the $40m deal to buy Pacific from Seven West Media. He has rejected suggestions that Mercury Capital’s withdrawal of its offer to acquire Bauer Media Australia will affect the Pacific deal. The Australian Competition & Consumer Commission expressed concern in late 2019 about the potential impact of the merger on competition in the magazine sector.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, MERCURY CAPITAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, SEVEN WEST MEDIA LIMITED – ASX SWM, BAUER MEDIA KG

Mercury gives up on Bauer buyout

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Original article by Lilly Vitorovich, Leo Shanahan
The Australian – Page: 17 : 23-Jan-20

Bauer Media Australia CEO Brendon Hill has confirmed that private equity firm Mercury Capital has withdrawn its offer to acquire the magazine publisher. Hill added that Bauer is open to another approach from the private equity sector if the company’s proposed merger with Pacific Magazines goes ahead. The Australian Competition & Consumer Commission recently expressed concern about the potential impact of the merger on competition in the magazine sector.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, MERCURY CAPITAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, SEVEN WEST MEDIA LIMITED – ASX SWM

Music to replace sport talk at Nine

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Original article by Lilly Vitorovich
The Australian – Page: 17 : 22-Jan-20

Nine Entertainment Company intends to phase out its Macquarie Sports Radio network, which has not resonated with consumers. Nine will instead relaunch former radio station brands such as 2UE in Sydney and Magic in Melbourne. The Macquarie Sports Radio stations in Sydney, Melbourne, Perth and Brisbane will adopt a music format, featuring songs from the 1970, 80s and 90s. Nine has advised that the stations will honour their existing sports broadcasting rights contracts.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE SPORTS RADIO, RADIO 2UE SYDNEY PTY LTD, MAGIC FM