TELEVISION BROADCASTING – AUSTRALIA

Discovery Communications walks from Channel Ten auction

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Original article by Dominic White
The Australian Financial Review – Page: 13 & 18 : 23-Mar-15

Discovery Communications has abandoned its proposed takeover of the Ten Network in partnership with Foxtel. They had initially offered $A0.26 per share, but reduced this to $A0.23 after due diligence. Discovery and Foxtel had proposed to acquire Ten’s main assets, and Discovery would not support an alternative proposal from Ten directors for the joint venture partners to each acquire a 14.99 per cent stake and gain a seat on Ten’s board

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, DISCOVERY COMMUNICATIONS INCORPORATED, FOXTEL MANAGEMENT PTY LTD, CITIGROUP PTY LTD, WIN CORPORATION PTY LTD, NEWS CORPORATION – ASX NWS, CROWN RESORTS LIMITED – ASX CWN, LAZARD ASSET MANAGEMENT PACIFIC COMPANY

Gordon offers to pump up to $100m into Ten

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Original article by Dominic White
The Australian Financial Review – Page: 15 & 20 : 11-Mar-15

The Ten Network’s largest shareholder, Bruce Gordon, opposes the broadcaster’s proposed acquisition by Foxtel and Discovery Communications. The 14.9 per cent stakeholder has instead approached Ten about investing an additional $A70m to $A100m in the network. This investment would be converted into equity in Ten if cross-media ownership laws are changed in the future. Gordon has also proposed being given two seats on Ten’s board

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, CROWN RESORTS LIMITED – ASX CWN, NEWS CORPORATION – ASX NWS, HANCOCK PROSPECTING PTY LTD, CITIGROUP PTY LTD, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, LAZARD ASSET MANAGEMENT PACIFIC COMPANY

Rinehart sues for Hancock ‘falsehoods’

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Original article by Jared Lynch
The Australian Financial Review – Page: 21 : 3-Mar-15

Australian billionaire Gina Rinehart is seeking damages from Nine Entertainment Company for alleged defamation. Rinehart says that 20 "glaring errors" were made in Nine’s two-part TV series "House of Hancock". Her claims, including that Nine committed the tort of injurious or malicious falsehood, were filed in the Supreme Court of New South Wales in late February 2015

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SUPREME COURT OF NEW SOUTH WALES, HANCOCK PROSPECTING PTY LTD

I’m not going anywhere: Holleran

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Original article by Dominic White
The Australian Financial Review – Page: 35 : 2-Mar-15

Southern Cross Media Group’s share of the radio market fell from 34.3 per cent to 27.5 per cent year-on-year in the December 2014 quarter. CEO Rhys Holleran is confident that the group can rebuild market share by the end of 2015, saying a priority will be to turn around the struggling 2Day FM network. He has also downplayed speculation that he could step down, and stresses that the media group is not actively pursuing merger discussions at present

CORPORATES
SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, 2DAY FM AUSTRALIA PTY LTD, KIIS1065, AUSTRALIAN RADIO NETWORK PTY LTD, APN NEWS AND MEDIA LIMITED – ASX APN, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC BRANDS LIMITED – ASX PBG, MANTRA GROUP LIMITED – ASX MTR, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, LION PTY LTD, IBM AUSTRALIA LIMITED, AUSTEREO GROUP LIMITED, ALLAN GRAY AUSTRALIA PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, WOOLWORTHS LIMITED – ASX WOW, WIN CORPORATION PTY LTD, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM

Nine profit takes hit as $150m buyback launched

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Original article by Dominic White, Jared Lynch
The Australian Financial Review – Page: 15 : 27-Feb-15

Australian-listed Nine Entertainment Company has posted a 2014-15 interim net profit of $A88.8m, which is 6.4 per cent lower than previously. The media group’s revenue fell by 1.9 per cent to $A829m. Nine Entertainment will undertake an on-market share buyback worth $A150m over the next year, but CEO David Gyngell says the group is still interested in acquisitions

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WIN CORPORATION PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, TEN NETWORK HOLDINGS LIMITED – ASX TEN, APN OUTDOOR GROUP LIMITED – ASX APO, OOH!MEDIA LIMITED – ASX OML

Seven West ‘well placed’ to recover despite $1bn write-down

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Original article by Dominic White
The Australian Financial Review – Page: 21 & 26 : 19-Feb-15

Seven West Media has posted a 2014-15 interim net loss of $A994m. The result was marred by writedowns totalling $A1bn, including goodwill associated with its TV and print media assets. The group’s underlying net profit fell by 8.4 per cent to $A137.5m, with revenue totalling $A943m. Seven West’s TV business posted revenue of $A677m, which is one per cent lower than previously. Seven West anticipates an upturn in TV advertising revenue in the second half of 2014-15

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED – ASX TEN, BLOOMBERG LP, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, PACIFIC MAGAZINES PTY LTD, YAHOO!7 COMMUNICATIONS AUSTRALIA PTY LTD

Women watching cricket and going to matches – but it’s still a boy’s club online

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 16-Feb-15

A Roy Morgan Single Source survey has found that about 450,000 Australians aged 14+ visit the ESPN Cricinfo website in any average four weeks throughout the year, but just 9.5 per cent of visitors (or 43,000) are women. However, women account for 19 per cent (or 121,000) of the 640,000 monthly visitors to the Cricket Australia site. Meanwhile, more than a million women "almost always" watch Test or One-Day matches on TV, and around 800,000 watch Twenty20 matches. Women also comprise a third of Australians who went to a Twenty20 match in the past year, 29 per cent of those who attended a One-Day match and 26 per cent of those who attended a Test match

CORPORATES
ROY MORGAN RESEARCH LIMITED, CRICKET AUSTRALIA, ESPN INCORPORATED, CRICINFO

Telstra chief hopeful that pay TV market will reach 70 per cent

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Original article by Max Mason, Dominic White
The Australian Financial Review – Page: 30 : 16-Feb-15

Just 30 per cent of Australian households currently have access to subscription-based TV. Telstra CEO David Thodey is optimistic about the outlook for the sector, forecasting that the launch of video streaming services will lift market penetration to around 70 per cent. Thodey expects US-based Netflix, which will formally enter the Australian market in March 2015, will eventually introduce advertisements. He also refutes suggestions that Telstra will scrap its T-Box device

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, NETFLIX INCORPORATED, FOXTEL MANAGEMENT PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, FETCHTV PTY LTD, STAN, PRESTO ENTERTAINMENT PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ

Stokes’ Seven may face $1 billion writedown

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Original article by Dominic White
The Australian Financial Review – Page: 29 : 16-Feb-15

Analysts expect Seven West Media to post a 2014-15 interim net profit of about $A207m. However, there is speculation that the media group could write down the carrying value of its assets by at least $A1bn when its half-year results are released on 18 February 2015. Seven’s net assets were valued at $A2.9bn in June 2014, but a sharp fall in its share price in the last 12 months has reduced its market capitalisation to $A1.43bn

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NINE NETWORK AUSTRALIA LIMITED, CITIGROUP PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Foxtel, Discovery plot Ten strategy

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Original article by Dominic White, Jake Mitchell
The Australian Financial Review – Page: 29 : 9-Feb-15

Ten Network’s 14.9 per cent shareholder, Bruce Gordon, opposes a $A590m takeover bid by Foxtel and Discovery Communications. However, the bidders may consider a revised takeover strategy whereby they would acquire Ten’s main assets while Ten itself remains listed on the sharemarket. While Ten’s directors would have to approve any such deal, the bidders would only need the support of 51 per cent of Ten’s voting shareholders

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, LAZARD ASSET MANAGEMENT LIMITED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, CROWN RESORTS LIMITED – ASX CWN, FAIRFAX MEDIA LIMITED – ASX FXJ