Uncategorized

Prime offer too low: Catalano

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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.

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

ABC budgets $23m for underpaid staff

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

Mixed messages on Prime-Seven merger

roymorgansocial Leave a comment

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

ABC cruelty story breached code

roymorgansocial Leave a comment

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

Protect media freedom to protect the community

roymorgansocial Leave a comment

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

Regulate digital platforms: Seven

roymorgansocial Leave a comment

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