MASS MEDIA – AUSTRALIA

Three-way fight for ailing Ten

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Original article by Darren Davidson
The Australian – Page: 19 : 4-Dec-14

Competing bids worth between $A510m and $A664m have been prepared for Australian free-to-air TV group Ten Network, which along with adviser Citigroup is seeking at least $A770m. Pay TV provider Foxtel and US-based ally Discovery Communications are one suitor, and interest has also been voiced by private equity firm Saban Capital Group and hedge fund Anchorage Capital Partners. They would need the approval of News Corporation co-chair Lachlan Murdoch, Crown Resorts chair James Packer and WIN Corporation owner Bruce Gordon

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, CITIGROUP PTY LTD, ASX LIMITED – ASX ASX, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY, CVC ASIA PACIFIC (AUSTRALIA) PTY LTD, KOHLBERG KRAVIS ROBERTS AND COMPANY, KKR AND COMPANY LP, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM

Offer for Ten cut after briefings

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Original article by Dominic White, Jared Lynch
The Australian Financial Review – Page: 1 & 6 : 3-Dec-14

Prospective buyers of the Ten Network were required to submit non-indicative bids by 2 December 2014. Foxtel and Discovery Communications have offered to pay between $A0.20 and $A0.25 per share for the free-to-air broadcaster, compared with an initial indicative offer of $A0.26 per share. Ten shares closed at $A0.24 on 2 December. Time Warner, which was also mooted as a bidder for Ten, has elected not to proceed with an offer, while Anchorage Capital and Saban are also seen as potential bidders

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, TIME WARNER INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, SABAN CAPITAL GROUP INCORPORATED, CITIGROUP PTY LTD, WIN CORPORATION PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, CROWN RESORTS LIMITED – ASX CWN, PROVIDENCE EQUITY PARTNERS INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD

Ten set to reject Foxtel’s first bid

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Original article by Darren Davidson
The Australian – Page: 22 : 2-Dec-14

There are forecasts the directors of free-to-air TV group Ten Network will rebuff a takeover bid by pay TV rival Foxtel and US-based ally Discovery Communications on 2 December 2014. It is likely to be worth between $A0.20 and $A0.25 a share, and to be deemed too low by Ten. On 1 December the stock closed at $A0.255. Meanwhile Paul Mallam, the representative of major Ten investor and WIN Corporation owner Bruce Gordon, has stepped down as a member of the Ten board

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, WIN CORPORATION PTY LTD, HANCOCK PROSPECTING PTY LTD, CITIGROUP PTY LTD, CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED MEAT HOLDINGS PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Australians pick their must-see and much-loved television shows on ABC and SBS

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 24-Nov-14

A Roy Morgan Single Source survey has found that 11.8 million Australians aged 14+ have at least one ABC or ABC2 television show that they "especially choose to watch". The survey, which was carried out in the year to September 2014, also found that 5.5 million Australians especially choose to watch between one and three shows on the ABC. Meanwhile, 9.2 million Australians especially choose to watch at least one show on SBS ONE, SBS2 or NITV

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

Discovery/Foxtel to ramp up Ten offer

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Original article by Dominic White
The Australian Financial Review – Page: 31 : 24-Nov-14

Indicative offers for the Ten Network will be accepted until 2 December 2014. Foxtel and Discovery Communications are believed to be planning to make a cash and scrip offer, whereby Ten’s existing shareholders would be given shares in the free-to-air broadcaster. The move is aimed at gaining the support of 14.9 per cent shareholder Bruce Gordon, who has ruled out selling his stake. Foxtel has also proposed to merge Ten and its own Multi Channel Network advertisings sales division

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, MULTI CHANNEL NETWORK PTY LTD, CITIGROUP PTY LTD, WIN CORPORATION PTY LTD, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CROWN RESORTS LIMITED – ASX CWN, TIME WARNER INCORPORATED, HBO, WARNER BROS, CABLE NEWS NETWORK, HELLMAN AND FRIEDMAN, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, PROVIDENCE EQUITY PARTNERS INCORPORATED, PARAMOUNT PICTURES CORPORATION

Ten teams up with Foxtel in F1 racing deal

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Original article by James Chessell, Dominic White
The Australian Financial Review – Page: 23 : 20-Nov-14

A new deal is about to be struck for the TV broadcasting rights in Australia to Formula One automobile racing. Insiders say free-to-air group Ten Network and pay TV provider Foxtel will jointly hold the rights after Ten’s current exclusive contract ends in late 2015. The price is tipped to be around $A30m per annum compared with $A10m now. Meanwhile it appears US-based media group Time Warner is no longer interested in a takeover of Ten, which remains a target of suitors Discovery Communications and Foxtel

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, TELSTRA CORPORATION LIMITED – ASX TLS, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, FORMULA ONE HOLDINGS LIMITED, FOX SPORTS AUSTRALIA PTY LTD, TIME WARNER INCORPORATED, DISCOVERY COMMUNICATIONS INCORPORATED, CITIGROUP PTY LTD

SBS ad boost ‘will cost networks $198m’

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Original article by David Crowe
The Australian – Page: 2 : 19-Nov-14

The Australian Subscription Television & Radio Association has criticised the Federal Government’s plan to allow more advertising on SBS. The public broadcaster will be able to show 10 minutes of ads per hour during prime time if the reforms proceed. Mark Pejic of MediaCom estimates that this will boost SBS’s revenue by $A198.7m over five years, largely at the expense of the free-to-air commercial networks

CORPORATES
SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, MEDIACOM AUSTRALIA PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FREE TV AUSTRALIA LIMITED, WIN CORPORATION PTY LTD, SOUTHERN CROSS AUSTEREO PTY LTD, FOXTEL COMMERCIAL PRODUCTIONS, DISCOVERY CHANNEL, WALT DISNEY COMPANY, VIACOM AUSTRALIA, AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY

Former Ten chief Grant Blackley linked to US private equity bid

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Original article by Darren Davidson
The Australian – Page: 19 : 11-Nov-14

Ten Network and its advisor, investment banking firm Citi, are holding talks with potential takeover suitors. The free-to-air TV group may be taken private, and there is speculation that a possible bid by US-based private equity firm Hellman & Friedman also involves ex-Ten CEO Grant Blackley. The most likely acquirers however remain Australian pay-TV provider Foxtel and US ally Discovery Communications. Any purchaser of Ten will require the support of current board members and 40% shareholders Lachlan Murdoch, James Packer, Gina Rinehart and Bruce Gordon

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, DISCOVERY COMMUNICATIONS INCORPORATED, FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, CITIGROUP PTY LTD, HELLMAN AND FRIEDMAN CAPITAL PARTNERS, FAIRFAX MEDIA LIMITED – ASX FXJ, TOURANG LIMITED, CONSOLIDATED PRESS HOLDINGS LIMITED, RGM ARTISTS PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TIME WARNER (AUSTRALIA) PTY LTD, TIME WARNER INCORPORATED

Time Warner’s Ten play

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Original article by James Chessell, Sarah Thompson
The Australian Financial Review – Page: 1 & 34 : 10-Nov-14

It has been revealed that US media group Time Warner contacted Australia’s Ten Network about a potential takeover bid in early October 2014. The non-binding approach indicated that any bid by Time Warner’s cable TV arm would be pitched at $A0.25 per share and be conditional on the support of key Ten shareholders. Time Warner has also made overtures to Apollo Global Management to buy its stake in rival free-to-air broadcaster Nine Entertainment Company

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, TIME WARNER INCORPORATED, TURNER BROADCASTING SYSTEM INCORPORATED, APOLLO GLOBAL MANAGEMENT LLC, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CITIGROUP PTY LTD, CROWN RESORTS LIMITED – ASX CWN, NEWS CORPORATION – ASX NWS, WIN CORPORATION PTY LTD, CABLE NEWS NETWORK, FOXTEL MANAGEMENT PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, DISCOVERY COMMUNICATIONS INCORPORATED, PROVIDENCE EQUITY PARTNERS INCORPORATED, HELLMAN AND FRIEDMAN, ANCHORAGE CAPITAL PARTNERS PTY LTD, VIACOM INCORPORATED, MTV MUSIC TELEVISION, CHANNEL 5 BROADCASTING LIMITED, LIBERTY GLOBAL INCORPORATED, ITV PLC, 21ST CENTURY FOX INCORPORATED, FAIRFAX MEDIA LIMITED – ASX FXJ

Murdoch’s bet on newspapers pays off: once silted, the river is flowing again

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Original article by Darren Davidson
The Australian – Page: 22 : 7-Nov-14

The first quarter 2014-15 net income of Australian-listed media group News Corporation has come in at $US65m ($A75m), up from $US27m previously. Revenue also grew 4% to reach $US2.15bn, and EBITDA rose 21% to $US170m. While the revenue of the print assets across the globe fell 3% to $US1.45bn, this was compensated for by the good performance of new digital ventures. The 62% stake held by News in online real estate classifieds business REA Group was a factor. On 6 November 2014 News stock closed $A1.12 higher at $A18.08

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, REA GROUP LIMITED – ASX REA, MOVE INCORPORATED, HARLEQUIN MILLS AND BOON, CITIGROUP PTY LTD