MASS MEDIA – AUSTRALIA

Deal to bring on media reform

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Original article by Rosie Lewis
The Australian – Page: 1 & 8 : 13-Sep-17

Communications Minister Mitch Fifield has secured an agreement with the Nick Xenophon Team to support the Federal Government’s cross-media ownership reforms. The compromise deal includes measures aimed at ensuring media diversity, such as an innovation fund that will provide financial support for independent and regional news outlets. The Australian divisions of overseas-based media companies are not expected to be eligible for such funding. The reforms will require the support of the majority of Senate crossbenchers.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN CONSERVATIVES, LIBERAL DEMOCRATIC PARTY, THE GUARDIAN AUSTRALIA, CRIKEY.COM.AU

Ten admins acted illegally, court told

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Original article by Darren Davidson
The Australian – Page: 19 & 26 : 13-Sep-17

The legality of KordaMentha’s decision to endorse CBS Corporation’s acquisition of Ten Network rather than the offer of Lachlan Murdoch and Bruce Gordon has been questioned in court. Lawyers acting for Gordon argued that it is up to Ten’s creditors and their advisers to assess the merits of competing bids and chose the best one, rather than the administrator. Meanwhile, KordaMentha has released a supplementary report to creditors in response to claims by Gordon that its first report lacked sufficient detail.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, BIRKETU PTY LTD, ILLYRIA PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, NEWS CORPORATION – ASX NWS, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, ONE NATION PARTY, SUPREME COURT OF NEW SOUTH WALES

Murdoch-Gordon Ten bid details aired

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 12-Sep-17

KordaMentha has released the deed of company arrangement for CBS Corporation’s proposed acquisition of the Ten Network. It is included in a supplementary report to Ten’s creditors, in which the administrator outlines the reasons for its decision to recommend selling Ten to CBS rather than rival bidders Bruce Gordon and Lachlan Murdoch. KordaMentha notes that both itself and Ten’s receivers had concluded that the CBS deal would provide a better outcome for creditors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, ILLYRIA PTY LTD, BIRKETU PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED

CBS set for windfall on Ten’s tax credits

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Original article by Darren Davidson
The Australian – Page: 24 : 11-Sep-17

­KordaMentha’s report on Ten Network shows that the collapsed broadcaster’s unrecorded tax ­losses of $A58.9m could be utilised by CBS Corporation if it gains full ownership. The tax-loss credits could potentially enable CBS to book large profits before it becomes liable to pay any tax on Ten’s earnings. CBS requires approval from the Foreign Investment Review Board to acquire Ten, while businessmen Bruce Gordon and Lachlan Murdoch are seeking a court ruling that KordaMentha’s creditors’ report lacked sufficient detail.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN TAXATION OFFICE, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED

TV networks seek clarity over postal survey ads

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Original article by Joe Kelly
The Australian – Page: 5 : 8-Sep-17

Free TV Australia wants the Australian Communications & Media Authority to provide advertisers with clarification regarding the rules on broadcasting ads with political content during the postal plebiscite on same-sex marriage. This follows a recent controversy over the lobby group’s move to ban a Father’s Day ad because its lack of a "political authorisation" tag was a breach of broadcasting rules.

CORPORATES
FREE TV AUSTRALIA LIMITED, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, DADS4KIDS

Gordon takes round one in Ten legal bout

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Original article by Darren Davidson
The Australian – Page: 17 & 20 : 8-Sep-17

The Supreme Court of New South Wales has granted an application by WIN Corporation owner Bruce Gordon to have the second meeting of Ten Network creditors delayed by a week. This will allow the court to hear claims by Gordon, Lachlan Murdoch and 21st Century Fox that a creditors’ report by administrator KordaMentha lacked sufficient detail. This hearing is scheduled for 12 September, while the second meeting of creditors is now slated for 19 September. In other developments, the Australian Share­holders’ Association has ruled out participating in a class action regarding Ten’s collapse.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, CBS CORPORATION, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, BAKER AND McKENZIE, ATANASKOVIC HARTNELL CORPORATE SERVICES PTY LTD, ALLEN AND OVERY, DENTONS, CORRS CHAMBERS WESTGARTH, KPMG AUSTRALIA PTY LTD

WIN headed to court over Ten creditor report

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Original article by Max Mason
The Australian Financial Review – Page: 13 & 19 : 7-Sep-17

Ten Network administrator KordaMentha has issued a statement asserting that its creditors’ report is "comprehensive and compliant". The firm has rejected a request to delay the second meeting of creditors, prompting WIN Corporation to seek a court ruling in the Supreme Court of New South Wales. Lachlan Murdoch, 21st Century Fox and WIN owner Bruce Gordon claim that the KordaMentha report lacks sufficient information for Ten’s creditors to decide whether to support the network’s sale to CBS. The creditors’ meeting is scheduled to be held on 12 September.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, CBS CORPORATION, SUPREME COURT OF NEW SOUTH WALES, ATANASKOVIC HARTNELL CORPORATE SERVICES PTY LTD, BAKER AND McKENZIE, DENTONS, ILLYRIA PTY LTD, BIRKETU PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MOELIS AND COMPANY

Fox missed deadline to help save Ten

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 6-Sep-17

Ferrier Hodgson has indicated that Ten Network suitor CBS Corporation had agreed to a reduction in the price that Ten paid for its content in mid-June. However, the deal was dependent on 21st Century Fox also agreeing to cut the cost of its program supply deal. Fox was given a deadline of 13 June to accept the new terms for its supply deal, but the Murdoch-backed group failed to do so and Ten subsequently went into administration. The revised content supply deals were also conditional on Ten refinancing a $A200m loan facility with the Commonwealth Bank.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, 21ST CENTURY FOX INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FERRIER HODGSON AND COMPANY, KORDA MENTHA AND COLLEAGUES PTY LTD, FORT STREET ADVISERS PTY LTD, ILLYRIA PTY LTD, BIRKETU PTY LTD

Administrators delay Ten report

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Original article by Darren Davidson
The Australian – Page: 22 : 1-Sep-17

Ten Network administrator KordaMentha has postponed the release of a report on the failed TV broadcaster until 4 September. The report was initially slated to be released on 31 August, and the delay will affect the timing of a creditors’ meeting. Ten’s shareholders will not recoup any of their investment if CBS Corporation buys Ten, which has prompted the Australian Shareholders’ Association to consider a class action on behalf of investors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Ten investors weigh class action

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Original article by Darren Davidson
The Australian – Page: 17 & 28 : 31-Aug-17

Australian Shareholders’ Association director Allan Goldin says it is too soon to know whether Ten Network investors will pursue a class action against the failed network. The ASA has held preliminary talks with law firms after it was revealed that Ten’s shareholders will receive no payout if CBS acquires the network. Meanwhile, Foxtel CEO Peter Tonagh says CBS has indicated that it intends to be a long-term owner of Ten. He also says Foxtel achieved its best monthly sales on record in July, with growth driven by the new Foxtel Now streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, FOXTEL MANAGEMENT PTY LTD, FOXTEL NOW, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FACEBOOK INCORPORATED, TWITTER INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, FOX SPORTS AUSTRALIA PTY LTD