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Mixed messages on Prime-Seven merger

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Original article by Zoe Samios
The Australian – Page: 25 : 18-Nov-19

An independent expert’s report from Lonergan Edwards & Associates has backed Seven West Media’s takeover bid for regional affiliate Prime Media Group. The firm has concluded that the deal is ‘not fair but reasonable’, noting that Prime shareholders would gain exposure to a much larger and more diverse media company. Lonergan adds that the deal is in the best interests of Prime shareholders in the absence of a better offer. Seven estimates that the merger will generate annual cost synergies of about $11m.

CORPORATES
SEVEN WENTWORTH, PRIME MEDIA GROUP LIMITED – ASX PRT, LONERGAN EDWARDS AND ASSOCIATES LIMITED, WIN CORPORATION PTY LTD

Protect media freedom to protect the community

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Original article by Chris Merritt
The Australian – Page: 24 : 15-Nov-19

Law Council of Australia president Arthur Moses will use a speech on 15 November to urge the federal government to take action on the issue of media freedom. In addition to calling for better protection for journalists, Moses will argue the need for more safeguards for whistleblowers in the public service. Moses will contend that journalists need greater protection due to the important role they play in protecting the community from government abuse and misinformation.

CORPORATES
LAW COUNCIL OF AUSTRALIA, HOLDING REDLICH, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN BROADCASTING CORPORATION, SKY NEWS, AUSTRALIAN FEDERAL POLICE

ABC cruelty story breached code

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Original article by Lilly Vitorovich
The Australian – Page: 3 : 15-Nov-19

Racing New South Wales chairman Russell Balding claims that the ABC’s recent story on the horse racing industry breached a number of its editorial guidelines. Balding, who was MD of the ABC from 2002 to 2006, has written a letter of complaint to ABC MD David Anderson about the program, claiming that it contained a number of ‘significant factual inaccuracies and misrepresentations’. Once the ABC has responded to the letter, Racing NSW will be able to lodge a complaint with the Australian Communications & Media Authority.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, RACING NSW, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

Regulate digital platforms: Seven

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Original article by Zoe Samios
The Australian – Page: 19 : 14-Nov-19

Seven West Media expects the metropolitan TV market to record single-digit growth in advertising revenue in 2019-20. CEO James Warburton has told the group’s annual meeting that the advertising market is likely to remain weak during the December quarter, noting that Seven’s revenue share was 39 per cent in the first quarter. Meanwhile, chairman Kerry Stokes has called for greater regulation of digital giants such as Google and Facebook, including the implementation of all recommendations arising from the Australian Competition & Consumer Commission’s inquiry into digital platforms.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, PRIME MEDIA GROUP LIMITED – ASX PRT, PACIFIC MAGAZINES PTY LTD, REDWAVE MEDIA LIMITED

Coalition flags press freedom law changes

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Original article by Rosie Lewis, Olivia Caisley
The Australian – Page: 6 : 14-Nov-19

Attorney-General Christian Porter and Communications Minister Paul Fletcher met with media industry executives to discuss the issue of press freedom on 13 November. News Corp Australasia’s executive chairman Michael Miller says the talks were "encouraging", and further meetings will be held after the parliamentary joint committee on intelligence and security hands down its report at the end of the month. Nine Entertainment CEO Hugh Marks and ABC MD David Anderson also attended the meeting.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN BROADCASTING CORPORATION

Nine feels squeeze of ad market

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Original article by Lilly Vitorovich
The Australian – Page: 17 & 24 : 13-Nov-19

Nine Entertainment Company has downgraded its underlying earnings growth forecast for 2019-20 due to challenging conditions in the advertising market. CEO Hugh Marks has told the group’s AGM that there was a 6.4 per cent decline in the metropolitan free-to-air TV advertising market in the first quarter, and the outlook has not improved in the second quarter. Meanwhile, Nine chairman Peter Costello has called for digital platforms to be subject to the same regulations as traditional media companies.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE MEDIA LIMITED – ASX MRN, 2GB, RADIO 4BC BRISBANE PTY LTD, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, STAN ENTERTAINMENT PTY LTD, WALT DISNEY COMPANY

AFP raid on journo’s home trespass

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Original article by Olivia Caisley
The Australian – Page: 7 : 13-Nov-19

The High Court has been told that a warrant to search a News Corp Australia journalist’s home was invalid as it did not state the exact nature of her alleged offence. The lawyer representing Annika Smethurst also alleged that the Australian Federal Police’s search warrant infringed the implied freedom of political communication. Stephen Lloyd SC said the AFP should be either forced to delete any files it had extracted from Smethurst’s mobile phone during the raid in June, or be subject to a court order preventing any use of those files.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NATIONWIDE NEWS PTY LTD, AUSTRALIAN FEDERAL POLICE, HIGH COURT OF AUSTRALIA, AUSTRALIAN SIGNALS DIRECTORATE

King Karl’s cut-price rescue bid

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Original article by Leo Shanahan, Lilly Vitorovich
The Australian – Page: 23 & 25 : 11-Nov-19

Clemenger BBDO Sydney CEO Peter Bosilkovski says the return of Karl Stefanovic should generate renewed interest in Nine’s ‘Today’ show, but he adds that the bold move may not necessarily result in a sustained ratings boost. Nine has confirmed that Stefanovic and Allison Langdon will co-host the breakfast show in 2020, a year after the former was sacked. Ratings have slumped in 2019, with new hosts Georgie Gardner and Deb Knight failing to resonate with viewers. Gardner responded to Stefanovic’s appointment by quitting the ‘Today’ show, effective immediately.

CORPORATES
NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CLEMENGER BBDO (SYDNEY) PTY LTD, SPINACH ADVERTISING PTY LTD, IPG MEDIABRANDS, VIZEUM, OZTAM PTY LTD

Orocobre swims as its lithium rivals experience sinking feeling

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Original article by Peter Ker
The Australian Financial Review – Page: 15 & 20 : 11-Nov-19

The share price of lithium miner Orocobre has fallen by just 13.7 per cent so far in 2019, while some of its peers have shed more than 50 per cent of their value. Orocobre also defied the general downtrend in the lithium sector by posting an underlying profit of $US24.8m ($36m) for 2018-19 and cashflow from operations of $US8.48m. Orocobre’s focus is on lithium carbonate, the price of which has not fallen as sharply as that of spodumene concentrate, which is produced by its major rivals.

CORPORATES
OROCOBRE LIMITED – ASX ORE, GALAXY RESOURCES LIMITED – ASX GXY, PILBARA MINERALS LIMITED – ASX PLS, ALTURA MINING LIMITED – ASX AJM, MINERAL RESOURCES LIMITED – ASX MIN, ALITA RESOURCES LIMITED – ASX A40, LIVENT INCORPORATED

Tennis Australia risked disaster if Ten won Open

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Original article by Liz Main
The Australian Financial Review – Page: 7 : 8-Nov-19

The Australian Securities & Investments Commission has launched legal action against former Tennis Australia board members Harold Mitchell and Stephen Healy. It alleges Mitchell went over the heads of other board members to ensure Seven secured a five-year deal in 2013 to cover the Australian Open, despite Network Ten putting in a competing offer, and it alleges Healy was complicit in the deal. Mitchell’s lawyer Neil Young QC suggested to former Tennis Australia executive Stephen Ayles during hearings on 7 November that if there was a risk that Ten could go into administration during the five years of a possible deal that it would be disastrous for Tennis Australia, to which Ayles agreed.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, TENNIS AUSTRALIA, SEVEN NETWORK LIMITED, TEN NETWORK HOLDINGS LIMITED