TELEVISION BROADCASTING – AUSTRALIA

Court orders investigation into Ten administrators

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Original article by Patrick Durkin
The Australian Financial Review – Page: 16 : 19-Jul-17

The Federal Court has appointed insolvency firm Ferrier Hodgson to conduct an independent review of the fees paid by Ten Network to KordaMentha in the months prior to the TV broadcaster’s collapse. The move follows concerns that KordaMentha may have a conflict of interests in its role as administrator of Ten, given that co-founder Mark Korda had been acting as an adviser to Ten’s board since late February.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, FERRIER HODGSON AND COMPANY, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, GILBERT AND TOBIN LAWYERS, ARNOLD BLOCH LEIBLER, WIN CORPORATION PTY LTD

Harrison found liable to pay Seven’s costs

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Original article by Misa Han
The Australian Financial Review – Page: 3 : 18-Jul-17

Seven West Media is unlikely to enforce a costs order against former employee Amber Harrison provided she complies with a non-disclosure agreement. The Supreme Court of New South Wales has ruled that Harrison must pay Seven’s legal costs on an indemnity basis. Justice John Sacker said that Seven had incurred
"unnecessary and significant legal costs" due to Harrison’s
"unreasonable" actions in pursuing legal action against the media group.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SUPREME COURT OF NEW SOUTH WALES

ASIC questions Korda’s Ten role

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Original article by Ben Butler
The Australian – Page: 19 : 18-Jul-17

The independence of KordaMentha as administrator of the Ten Network has come under scrutiny by the Australian Securities & Investments Commission and the Australian Restructuring Insolvency & Turnaround Association. The issue centres on KordaMentha’s role as an adviser to Ten prior to its collapse. ASIC and KordaMentha have supported a proposal for Peter Gothard of Ferrier Hodgson to undertake an independent investigation into whether the fees received by KordaMentha constituted a preference payment.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN RESTRUCTURING INSOLVENCY AND TURNAROUND ASSOCIATION, FERRIER HODGSON AND COMPANY, FEDERAL COURT OF AUSTRALIA, GILBERT AND TOBIN LAWYERS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BIRKETU PTY LTD, ILLYRIA PTY LTD, ATANASKOVIC HARTNELL CORPORATE SERVICES PTY LTD

‘I wouldn’t apologise for 50k,’ Harrison warns Seven

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Original article by Misa Han
The Australian Financial Review – Page: 2 : 10-Jul-17

Seven West Media is believed to have incurred legal costs of more than $A1m in its dispute with former employee Amber Harrison. Seven will seek to recover its full legal costs after insisting that Harrison must issue a public apology as part of a deal to settle the case. Harrison had offered to abandon legal action against Seven and accept a permanent suppression order, but with no apology or payment from Seven. The media group had offered to pay her $A50,000 to settle the dispute.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, JOHNSON WINTER AND SLATTERY, AUSTRALIAN HUMAN RIGHTS COMMISSION, FEDERAL COURT OF AUSTRALIA

ACCC looks at bids for shaky Ten

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Original article by Max Mason
The Australian Financial Review – Page: 13 & 16 : 5-Jul-17

The Australian Competition & Consumer Commission has been approached to assess whether a joint bid for the Ten Network by Lachlan Murdoch and Bruce Gordon would be likely to substantially reduce competition. The ACCC will issue a statement of issues by 24 July on a potential bid for Ten by their investment vehicles, Illyria and Birketu. A formal bid for Ten by Murdoch and Gordon would be conditional on changes to cross-media ownership rules, given their other media interests.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ILLYRIA PTY LTD, BIRKETU PTY LTD, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, 21ST CENTURY FOX INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, CANWEST GLOBAL COMMUNICATIONS CORPORATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PPB ADVISORY

Licence fee win boosts TV, radio

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Original article by Stephen Brook
The Australian – Page: 19 : 29-Jun-17

Free TV chairman Harold Mitchell and Commercial Radio Australia CEO Joan Warner have welcomed the Federal Government’s decision to waive broadcasting licence fees for the 2016-17 financial year. The Government proposes to permanently replace broadcasting licence fees with a spectrum charge as part of its media cross-ownership reforms. Shares in listed media companies rallied after the one-off waiver was announced. It is expected to save broadcasters about $A127m.

CORPORATES
FREE TV AUSTRALIA LIMITED, COMMERCIAL RADIO AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY

Murdoch and Gordon may face multiple rivals for control of Ten

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Original article by Max Mason
The Australian Financial Review – Page: 3 : 27-Jun-17

There is speculation that the Commonwealth Bank could seek to have Ten Network placed in receivership in coming days. Meanwhile, Ten’s administrator Mark Korda has told the first creditors’ meeting that several local and offshore parties have expressed interest in buying or recapitalising Ten. CBS has been suggested as a possible buyer of Ten. Lachlan Murdoch and Bruce Gordon have been touted as likely buyers, but could not do so under existing media cross-ownership rules.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, ANCHORAGE CAPITAL PARTNERS PTY LTD, 21ST CENTURY FOX INCORPORATED, ENDEMOL SHINE AUSTRALIA PTY LTD, FREMANTLEMEDIA AUSTRALIA PTY LTD, METROWEATHER, STARCOM AUSTRALIA PTY LTD, CRICKET AUSTRALIA

Ten chairman sold down stake

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Original article by Darren Davidson
The Australian – Page: 23 : 26-Jun-17

Ten Network chairman David Gordon is likely to come under scrutiny amid revelations that he reduced his stake in the TV broadcaster from 247,500 shares in 2015 to 29,433 in 2016. Ten’s administrator KordaMentha is also under scrutiny over its relationship as an adviser to Ten in the months prior to its collapse. Meanwhile, Ten had advised in early 2017 of a 5.6 per cent downturn in the metropolitan advertising market, only two months after issuing an earnings downgrade. It is uncertain whether Ten’s board undertook modelling at this time on the potential impact on cashflow if the advertising market deteriorated further.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, NEWS CORPORATION – ASX NWS, WIN CORPORATION PTY LTD, FOXTEL MANAGEMENT PTY LTD, BIRKETU PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, ILLYRIA PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN RESTRUCTURING INSOLVENCY AND TURNAROUND ASSOCIATION, GILBERT AND TOBIN LAWYERS, DESTRA CORPORATION LIMITED, FORT STREET ADVISERS PTY LTD, ALLEN AND OVERY

Ten’s fate left hanging on media reforms

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Original article by Max Mason
The Australian Financial Review – Page: 17 & 22 : 23-Jun-17

The first meeting of Ten Network’s creditors will be held on 26 June, and the second is scheduled to be held by 18 July. However, administrator KordaMentha may seek to delay the second creditors’ meeting pending the fate of the Federal Government’s cross-media ownership reforms. The Senate is unlikely to pass the bill before Parliament rises for the winter recess, so early August will be the Government’s first opportunity to push ahead with the reforms.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PPB HOLDINGS PTY LTD, ONE NATION PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Buyers sought for under-the-pump Ten

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Original article by Mitchell Bingemann
The Australian – Page: 19 : 22-Jun-17

Ten Network’s administrators have called for expressions of interest to buy or recapitalise the free-to-air broadcaster. An advertisement in national newspapers on 22 June notes that Ten boasts gross revenue of $A3bn. Ten’s administrators from KordaMentha anticipate a 60-day sales process, although they are also expected to seek parties to recapitalise the network. KordaMentha is likely to be subject to a conflict of interests probe given that it has also acted as an adviser to Ten.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIAN RESTRUCTURING INSOLVENCY AND TURNAROUND ASSOCIATION, GILBERT AND TOBIN LAWYERS