TELEVISION BROADCASTING – AUSTRALIA

Seven under pressure over ‘toxic’ workplace culture

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 9 : 27-Sep-17

Media, Entertainment & Arts Alliance director Katelin McInerney says the Seven Network’s dismissal of Amy Taeuber demonstrates that media executives must be proactive in addressing the issue of harassment in the workplace. Seven has come under scrutiny in the wake of claims that Taeuber had been sacked after lodging a sexual harassment complaint. However, Seven has denied that this was the reason for her dismissal, which is believed to have been due to allegations that she made disparaging comments about reality-TV show contestants on a blog.

CORPORATES
SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, AUSTRALIAN BROADCASTING CORPORATION

Gordon plots as Ten creditors back CBS

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Original article by Darren Davidson
The Australian – Page: 19 & 26 : 20-Sep-17

WIN Corporation owner Bruce Gordon is considering his options after Ten Network’s creditors endorsed a takeover offer from CBS Corporation. Gordon could pursue further legal action, including a potential appeal after the Supreme Court of New South Wales rejected his bid to block the CBS deal. Meanwhile, Mark Korda of Ten administrator KordaMentha says the CBS deal is likely to be completed within 4-5 weeks. CBS secured the support of creditors after agreeing to increase the total value of its offer to $A209.7m, including upping the amount it will pay unsecured creditors from $A32m to more than $A40m.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, WIN CORPORATION PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED, NEWS CORPORATION – ASX NWS, PPB ADVISORY, AUSTRALIAN TAXATION OFFICE

Gordon to appeal court ruling on Ten takeover

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Original article by Darren Davidson, John Durie
The Australian – Page: 17 & 28 : 19-Sep-17

The Supreme Court of New South Wales has ruled that the second meeting of Ten Network’s creditors can proceed on 19 September, after rejecting an application by Lachlan Murdoch and Bruce Gordon to have it postponed. They had argued that administrator KordaMentha did not fully consider their takeover offer for Ten when the firm endorsed the rival bid by CBS Corporation. Gordon is expected to lodge an appeal before the creditors’ meeting is held, which could further delay Ten’s sale. The court also rejected Gordon’s bid to prevent CBS from voting at the meeting.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, ILLYRIA PTY LTD, BIRKETU PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, PPB ADVISORY, NEWS CORPORATION – ASX NWS

Seven douses talk of deal with Fairfax

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

Sources close to Seven West Media have rejected speculation that a merger with Fairfax Media is under consideration, stating that no deal is imminent. Recent media reports suggested that Fairfax is courting the TV and print media group, but the Seven source said Fairfax may be merely seeking to attract interest from other media companies. Fairfax had previously held discussions with Nine Entertainment Company, its partner in the Stan streaming video joint venture.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, STAN ENTERTAINMENT PTY LTD, HT&E LIMITED – ASX HT1, AUSTRALIAN RADIO NETWORK PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, SHOWTIME, TPG CAPITAL LP, DOMAIN.COM.AU

Revised Ten bid in the balance

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Original article by Darren Davidson
The Australian – Page: 24 : 18-Sep-17

KordaMentha has declined to comment on a revised bid for the Ten Network by Lachlan Murdoch and Bruce Gordon, which would result in unsecured creditors receiving a maximum payment of $A55m. The CBS deal would give these creditors no more than $A32m in total. The administrator is believed to be waiting for a Supreme Court of New South Wales judgment before deciding whether to put the new offer to Ten’s creditors. Murdoch and Gordon have alleged that KordaMentha had not provided creditors with sufficient information about the value of their joint bid.

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

Fairfax meets Seven; Nine talks on ice

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Original article by Max Mason
The Australian Financial Review – Page: 27 : 18-Sep-17

Fairfax Media and Seven West Media have declined to comment on suggestions that they commenced discussions regarding a potential merger prior to the recent passage of the Federal Government’s cross-media ownership reforms. Sources have stressed that any such talks are preliminary and may not result in a deal. However, a key issue could be Seven’s long-term debt of more than $A800m. Fairfax had previously held talks with Nine Entertainment Company, and the two had been widely touted as merger candidates if media laws were relaxed.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, PACIFIC MAGAZINES PTY LTD, WEST AUSTRALIAN NEWSPAPERS HOLDINGS LIMITED, MACQUARIE MEDIA LIMITED – ASX MRN, STAN ENTERTAINMENT PTY LTD, DOMAIN.COM.AU, TPG CAPITAL LP, HELLMAN AND FRIEDMAN

Ten creditors ‘left wholly in dark’ over rival offer

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Original article by Darren Davidson
The Australian – Page: 17 & 20 : 14-Sep-17

The Supreme Court of New South Wales has heard allegations that Ten Network administrator KordaMentha had not provided creditors with sufficient information about the value of a joint bid by Lachlan Murdoch and Bruce Gordon. Andrew Bell, QC told the court that Ten shareholders would receive more value from the joint bid than the offer from US-based CBS Corporation, which was endorsed by KordaMentha. He said that unlike the CBS offer, the Murdoch-Gordon bid would have treated all creditors equally.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED, WIN CORPORATION PTY LTD, NEWS CORPORATION – ASX NWS

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