TELEVISION BROADCASTING – AUSTRALIA

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

No second TV option for News Corp

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Original article by Aaron Patrick, John Stensholt
The Australian Financial Review – Page: 15 : 30-Aug-17

The Australian Competition & Consumer Commission recently indicated that it would not oppose the acquisition of Ten Network by Lachlan Murdoch and Bruce Gordon. However, ACCC chairman Rod Sims said a similar deal to acquire Seven or Nine may not necessarily have been approved, given that their news bulletins have higher ratings than Ten. Media industry sources also suggest that any bid by News Corp to acquire one of Ten’s rivals would be blocked on competition grounds.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, SKY NEWS, MULTI CHANNEL NETWORK PTY LTD, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, CBS CORPORATION, PPB ADVISORY, KORDA MENTHA AND COLLEAGUES PTY LTD, 21ST CENTURY FOX INCORPORATED, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN LABOR PARTY

Rivals brace for battle on the streaming front

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Original article by Darren Davidson
The Australian – Page: 6 : 29-Aug-17

The local launch of the CBS All Access subscription video-on-demand service is likely to be a key part of the strategy of Ten Network’s new owner. The fee-based service is expected to complement Ten’s existing "catch-up" streaming service, and CBS intends to make its TV shows available online a week after they are broadcast on Ten’s linear channels. CBS may also seek Australian sports broadcasting rights for its streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, CBS ALL ACCESS, STAN ENTERTAINMENT PTY LTD, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, NETFLIX INCORPORATED, NATIONAL FOOTBALL LEAGUE, SPECIAL BROADCASTING SERVICE (SBS), FOXTEL MANAGEMENT PTY LTD, SHOWTIME, VIACOM INCORPORATED, NATIONAL AMUSEMENTS INCORPORATED, CBS STUDIOS INTERNATIONAL

Media laws gift Ten from News to CBS

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Original article by Max Mason
The Australian Financial Review – Page: 1 & 14 : 29-Aug-17

The deal for US-based CBS to acquire Ten Network will not require changes to cross-media ownership laws, unlike the rival bid from Lachlan Murdoch and Bruce Gordon. The deal only requires approval from Ten’s creditors, a court and the Foreign Investment Review Board. Federal Opposition Leader Bill Shorten says the deal means cross-media ownership reforms are not necessary. Fairfax Media CEO Greg Hywood rejects Shorten’s claim that the proposed media reforms were primarily aimed at saving Ten, arguing that they are intended to ensure that the local media sector remains competition in a changing media landscape.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN LABOR PARTY, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEWS CORPORATION – ASX NWS, WIN CORPORATION PTY LTD, CBS ALL ACCESS, NETFLIX INCORPORATED, STAN ENTERTAINMENT PTY LTD, 21ST CENTURY FOX INCORPORATED, CANWEST GLOBAL COMMUNICATIONS CORPORATION, ONE NATION PARTY, AUSTRALIAN BROADCASTING CORPORATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, KORDA MENTHA AND COLLEAGUES PTY LTD

Nine proceeds with caution on cricket rights

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Original article by Darren Davidson
The Australian – Page: 21 : 25-Aug-17

Write-downs resulted in Nine Entertainment Company reporting a 2016-17 net loss of $A203.4m, although its underlying profit was 2.7 per cent higher at $A123.6m. Revenue of $1.24bn was three per cent lower. CEO Hugh Marks says Nine is keen to acquire the rights to the Big Bash League as well as renew its existing cricket broadcasting rights, and he hopes for a swift conclusion to negotiations with Cricket Australia. However, he has cautioned that the subdued advertising market means Nine cannot afford to pay much more than at present for sports broadcasting rights.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, CRICKET AUSTRALIA, STAN ENTERTAINMENT PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, AMAZON.COM INCORPORATED, TWITTER INCORPORATED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FOXTEL MANAGEMENT PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, BIG BASH LEAGUE

Ten’s fate hinges on reform of media law

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Original article by Darren Davidson
The Australian – Page: 21 : 25-Aug-17

The Australian Competition & Consumer Commission has ruled that the acquisition of Ten Network by Lachlan Murdoch and Bruce Gordon would not result in a substantial lessening of competition. The ACCC took into account factors such as the growing use of streaming video-on-demand services and competition from rival free-to-air networks. However, Murdoch and Gordon cannot acquire Ten without cross-media ownership law reforms, although one option may be for them to each have a low voting stake in Ten but a high economic interest in the network.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NEWS CORPORATION – ASX NWS, WIN CORPORATION PTY LTD, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, NETFLIX INCORPORATED, OAKTREE CAPITAL MANAGEMENT LLC, PPB ADVISORY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NICK XENOPHON TEAM, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED