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Foxtel fortified by $1.6bn debt deal

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Original article by Leo Shanahan
The Australian – Page: 24 : 25-Nov-19

Pay-TV group Foxtel has completed a deal to refinance some $US1.1bn ($1.6bn) worth of debt. It is said to include a $US900m debt facility with a syndicate of commercial banks. The deal comes as Foxtel seeks to increase its presence in the subscription video-on-demand market with the launch of a drama-focused streaming service in 2020. It will complement Kayo Sports, which now boasts some 443,000 subscribers and recently won the SportsPro OTT Award for the best user experience.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, KAYO SPORTS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, HANA FINANCIAL GROUP INCORPORATED, DISNEY+, NETFLIX INCORPORATED, AMAZON PRIME VIDEO

Catalano takes aim at irrelevant rules restricting rural TV

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Original article by John Stensholt
The Australian – Page: 24 : 25-Nov-19

Antony Catalano contends that a rule which limits media companies to one TV broadcasting licence in a single market is "antiquated" and "completely outdated". He notes that the so-called ‘one-in-a-market rule’ does not apply to radio stations, newspapers or news websites. Catalano adds that he has discussed the issue with Communications Minister Paul Fletcher and is prepared to launch a campaign for reform via Australian Community Media if the federal government does not take action. Catalano and Alex Waislitz bought the regional newspaper business earlier in 2019.

CORPORATES
AUSTRALIAN COMMUNITY MEDIA, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL

Seven merger a matter of survival for Prime

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Original article by Max Mason
The Australian Financial Review – Page: 20 : 22-Nov-19

Prime Media Group chairman John Hartigan says the federal government is not acting quickly enough on reforms that will allow consolidation in the media sector. He has warned that Seven West Media’s takeover bid is crucial for the survival of both Prime and regional journalism. Australian Community Media’s executive chairman Antony Catalano has queried this claim, arguing that Prime should therefore have undertaken a formal sale process to allow other potential buyers to make an offer.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN COMMUNITY MEDIA

MinRes to keep lithium mine running

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Original article by Nick Evans
The Australian – Page: 19 : 21-Nov-19

Mineral Resources has advised that output at its Mount Marion mine in Western Australia is still expected to be within the range of 360,000 to 380,000 tonnes of lithium concentrate in 2019-20, at an average cost of nearly $600 a tonne. CEO Chris Ellison has told the group’s annual meeting that concentrate grading six per cent lithium has fetched around $US600 ($879) per tonne in recent months, after averaging $1,182/tonne in 2018-19. He added that Mineral Resources’ earnings are currently being driven by its iron ore and mining services operations.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, ALBERMARLE CORPORATION, PILBARA MINERALS LIMITED – ASX PLS, ALITA RESOURCES LIMITED – ASX A40, GALAXY RESOURCES LIMITED – ASX GXY, ALTURA MINING LIMITED – ASX AJM

Prime offer too low: Catalano

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Original article by John Stensholt
The Australian – Page: 19 : 21-Nov-19

Businessman Antony Catalano says Seven West Media’s takeover offer for regional affiliate Prime Media Group is close to fair value, but he has urged Seven to increase the offer to make it both "fair and reasonable". An independent expert’s report has concluded that the $63m bid is "not fair but reasonable". Catalano and Alex Waislitz bought Australian Community Media earlier in 2019. Waislitz says there is potential for Prime to share newsroom and advertising resources with ACM, and he has urged Prime shareholders to consider alternatives to the Seven deal.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIAN COMMUNITY MEDIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, THORNEY OPPORTUNITIES LIMITED – ASX TOP, THORNEY TECHNOLOGIES LIMITED – ASX TEK

Ita stymies ABC staff climate crisis group

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Original article by Lilly Vitorovich
The Australian – Page: 3 : 21-Nov-19

Several of the ABC’s senior journalists have expressed support for a proposal to establish a staff climate crisis advisory group. However, ABC chair Ita Buttrose says the proposal does not have the support of the public broadcaster’s leadership team, adding that "it is not going to happen". Some journalists had warned that the proposal could be at odds with the ABC’s editorial guidelines.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Rio’s ERA equity raising challenged

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 20-Nov-19

Zentree Investments has asked the Takeovers Panel to intervene in Energy Resources of Australia’s proposed $476m capital raising. The proceeds of the entitlement offer will be used to help meet the cost of rehabilitation work at the Ranger uranium mine in the Northern Territory. Zentree is concerned that the capital raising will allow Rio Tinto to increase its 68.4 per cent stake in ERA while gaining access to its tax losses and franking credits. Zentree is ERA’s second-largest shareholder.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, ZENTREE INVESTMENTS PTY LTD, AUSTRALIA. TAKEOVERS PANEL

Judge’s news dictate sets risky precedent

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Original article by Nicola Berkovic
The Australian – Page: 3 : 20-Nov-19

A Curtin University academic has expressed concern about a court ruling about disclosing the identify of a psychologist who was found guilty of professional misconduct. The Family Court of Western Australia ruled that ‘The Australian’ must submit a draft article for its approval before the story can be published, as the Family Law Act prevents the identification of witnesses in family law proceedings. Associate professor of journalism Joseph Fernandez says the ruling is "troubling" and has implications for freedom of the press.

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FAMILY COURT OF WESTERN AUSTRALIA, CURTIN UNIVERSITY OF TECHNOLOGY, ONE NATION PARTY, AUSTRALIAN LAW REFORM COMMISSION

ABC budgets $23m for underpaid staff

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Original article by Lilly Vitorovich
The Australian – Page: 3 : 19-Nov-19

The ABC has declined to comment on the likely cost of recompensing casual staff who were underpaid, but insiders claim that at least one employee will receive more than $60,000. The public broadcaster’s latest annual report indicated that it has allocated $22.98m for compensating casual workers who have been underpaid for up to six years, but a spokesman says the final figure is likely to be less than this.

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

ABC staff push for climate group

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Original article by Leo Shanahan
The Australian – Page: 23 : 18-Nov-19

A number of ABC presenters and journalists have expressed support for a proposal to establish a ‘climate crisis advisory group’ for the public broadcaster’s staff. Melbourne-based producer and presenter Barbara Heggen put forward the proposal in a recent email to colleagues, in which she stated that the group’s aim would be to report on the climate crisis using a ‘solutions journalism approach’. However, the proposal may be at odds with the ABC’s editorial guidelines.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, RACING NSW