Uncategorized

Fairfax’s Falloon keeps faith in Nine deal

roymorgansocial Leave a comment

Original article by Lilly Vitorovich
The Australian – Page: 19 : 16-Oct-18

Shares in Nine Entertainment Company fell 12.4 per cent to $1.84 on 12 October. Citigroup analysts say this has eliminated the merger premium for Fairfax shareholders, and they have questioned whether the deal will proceed under the agreed terms. However, Fairfax chairman Nick Falloon says the merger is still "compelling", while Fraser McLeish of MST Marquee believes that the merger is in the best interests of Fairfax shareholders.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, CITIGROUP PTY LTD, MST MARQUEE, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE

Nine, Fairfax cuts won’t hit newsrooms

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 27 : 15-Oct-18

Grant Samuel & Associates has deemed Fairfax Media’s proposed merger with Nine Entertainment Company to be in the best interests of the newspaper publisher’s shareholders. The scheme booklet for the merger indicates that the deal is expected to generate cost synergies of about $50m a year, primarily by combining the sales teams and back-office functions, and by using shared technology platforms. The scheme booklet has emphasised that there are no plans to combine the Fairfax and Nine newsrooms or retrench journalists. However, it concedes that job losses in other areas are likely.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, GRANT SAMUEL AND ASSOCIATES PTY LTD, STAN ENTERTAINMENT PTY LTD, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA

Foxtel’s critical year: News Corp has Plan B

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 27 : 15-Oct-18

News Corporation has declined to comment on suggestions that it could divest Foxtel if the pay-TV company’s financial performance does not improve. Kane Hannan of Goldman Sachs recently met with News Corp executives in the US, and he has told clients that he was left with the firm impression that the media giant may be open to selling Foxtel. The upcoming launch of Foxtel’s sports-focused streaming video service is likely to be crucial to any turnaround. Hannan expects Foxtel’s average revenue per user to fall by six per cent a year to $57 by 2022-23, compared with around $77 in 2017-18.

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, GOLDMAN SACHS AUSTRALIA PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, 21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY, AMPLIFY, MYSPACE

Glencore: AFR must remove articles

roymorgansocial Leave a comment

Original article by Neil Chenoweth
The Australian Financial Review – Page: 10 : 11-Oct-18

Lawyers acting on behalf of Glencore have asked Fairfax Media to remove documents from its website which are claimed to be subject to legal privilege. The documents in question are associated with an article published by the "Australian Financial Review" with regard to Glencore’s restructuring of its Australian division in 2014, which is under scrutiny by the Australian Taxation Office. Fairfax has rejected suggestions that it has infringed on the miner’s legal rights.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, GLENCORE PLC, KING AND WOOD MALLESONS, AUSTRALIAN TAXATION OFFICE, INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS, AUSTRALIAN BROADCASTING CORPORATION, BRITISH BROADCASTING CORPORATION

It’s cricket, but not as we know it

roymorgansocial Leave a comment

Original article by Stephen Brook
The Australian – Page: 19 : 10-Oct-18

Foxtel will broadcast 97 days of cricket during the 2018-19 summer, including exclusive coverage of some matches. The Fox Cricket channel was officially launched on 9 October, and to date Foxtel has secured eight premium sponsors for its cricket coverage. CEO Patrick Delany says live coverage will be advertisement-free, and ads will only be shown during lunch and tea breaks. Foxtel currently has about 5.4 million subscribers, while data from Roy Morgan shows that about 10 million Australians now have access to a Netflix subscription.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX CRICKET CHANNEL, NETFLIX INCORPORATED, ROY MORGAN LIMITED, MULTI CHANNEL NETWORK PTY LTD, CRICKET AUSTRALIA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN NETWORK LIMITED, NINE NETWORK AUSTRALIA LIMITED

Ten lines up rebrand ahead of upfronts

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 31 : 8-Oct-18

The Ten Network is expected to release details of its strategy under new owner CBS Corporation at its annual "upfronts" on 31 October. Ten is preparing an overhaul of its branding, which is said to include minor changes to its logo and a repositioning of its digital channels with a view to targeting specific audiences. The network will also launch its Ten All Access subscription video-on-demand service later in 2018, while Ten is also establishing an in-house advertising sales team.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION, FOXTEL MANAGEMENT PTY LTD, MULTI CHANNEL NETWORK PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Seven-year ratings high for kings of morning radio, Alan Jones and Ray Hadley

roymorgansocial Leave a comment

Original article by Lilly Vitorovich
The Australian – Page: Online : 5-Oct-18

Alan Jones continues to have the most popular breakfast radio show in Sydney, with the latest GfK survey showing he had a 19 per cent audience share with his 2GB program. Macquarie Media, which owns 2GB, stated it was his best result since 2011, while 2GB colleague Ray Hadley secured a 20.2 per cent audience share for the 9am to midday slot. 2GB was the most listened to radio station in Sydney, with 15.4 per cent of the market, while the Macquarie Radio Network-owned 3AW retained top spot in Melbourne, with 13.5 per cent audience share.

CORPORATES
GFK PTY LTD, 2GB, MACQUARIE MEDIA LIMITED – ASX MRN, 3AW SOUTHERN CROSS RADIO PTY LTD, MACQUARIE RADIO NETWORK, AUSTRALIAN BROADCASTING CORPORATION, ILLYRIA PTY LTD

Amazon lifts minimum hourly wage

roymorgansocial Leave a comment

Original article by Jacob Greber
The Australian Financial Review – Page: 15 : 4-Oct-18

US-based e-commerce giant Amazon has advised that its minimum wage will be increased from about $US11 an hour to $US15 ($20.85). The move will boost the pay of about 250,000 workers, and CEO Jeff Bezos has urged other companies to follow Amazon’s example. The hourly pay rate for entry-level employees at rival retailers Wal-Mart and Target is around $US11 and $US12 respectively, while the federal minimum wage rate is just $US7.25 an hour.

CORPORATES
AMAZON.COM INCORPORATED, WAL-MART STORES INCORPORATED, TARGET CORPORATION, UNITED STATES. FEDERAL RESERVE BOARD, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, DEMOCRATIC PARTY (UNITED STATES)

Coalition ignored best ABC choices

roymorgansocial Leave a comment

Original article by Stephen Brook, Rachel Baxendale
The Australian – Page: 3 : 2-Oct-18

The process for selecting ABC board members has come under scrutiny following the resignation of chairman Justin Milne. In announcing his appointment, the government had said that the independent nominations panel had recommended Milne for the role. However, former panel member Neil Brown says the panel had nominated five contenders and said they were all qualified for the role, but this had not constituted a recommendation. Brown notes that some ABC board members were also appointed despite not having been nominated by the panel. Opposition Leader Bill Shorten says the next ABC chairman must have bipartisan support.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, SPECIAL BROADCASTING SERVICE (SBS)

Suppliers revolt over Woolies’ plan to cut data

roymorgansocial Leave a comment

Original article by Eli Greenblat
The Australian – Page: 19 : 1-Oct-18

Woolworths will make changes to the sales data it provides to suppliers as from 2019. The retailer states the data will be of a much broader nature, with intellectual property and competitive information being protected from being shared with rival companies. However, suppliers have expressed concern about the proposed changes, stating that not having access to specific sales data will leave them "defenceless" if Woolworths decides to stop stocking their products. They are also concerned that Woolworth’s private label brands will benefit from the changes.

CORPORATES
WOOLWORTHS GROUP LIMITED – ASX WOW, AUSTRALIAN FOOD AND GROCERY COUNCIL