Saturday 26th of September 2020

daddy and sonny...


daddy and sonny

The Federal Court has ruled that a meeting of Nine's creditors can go ahead, paving the way for a deal to save the company from receivership to be accepted.

On Monday, a minority group of creditors lodged a document with the court attempting to prevent the meeting.

They argued that the deal unfairly favoured the two biggest secured creditors, US hedge funds Oaktree and Apollo, by giving them effective control of Nine.

Under a deal brokered in October between the two hedge funds, Nine's owner (CVC Capital Partners) and Goldman Sachs (an unsecured lender to Nine), creditors would swap their debt for equity and a 25 cents in the dollar cash payment.


james had joined gambling non-anonymous...


James Packer's greatest hits ... and misses

Paul Barry, Friday, 04 May 2012

Speculation is rife this morning that James Packer will continue his retreat from media ownership by selling out of Foxtel.

They say the mark of a successful businessman is that your successes outnumber your failures. If that's right, then Packer is sitting pretty.

He's no longer Australia's richest man, and he may never shake off the stain of One.Tel, where he lost around $400 million of his shareholders' money, but he's chalked up a lot of successes over the years, with smart investments like PC Tools, Seek, Carsales and Jurlique bringing in at least $600 million in profit for his private companies. And he has made a couple of hugely important strategic decisions.

Best of these was to sell 75% of Channel Nine and ACP Magazines near the top of the market in October 2006 and pocket a whopping $4.6 billion in cash from the deal. He followed that up by selling the balance three years later for another $500 million. People who held onto their media assets, like the mugs from CVC who bought James out, or the saps who owned Fairfax and Channel 10, have watched most of their money disappear.

James's fortune has also shrunk: he's now worth around $4.7 billion, according to James Thomson at Smart Company, compared to more than $6.0 billion at the height of the market in 2007. But he'd have done far worse if he'd stayed in the media.





The broadcasting watchdog has dismissed allegations that 7.30 host Leigh Sales showed bias against Opposition Leader Tony Abbott.
The Australian Communications and Media Authority (ACMA) investigated the interview, broadcast on August 22, in which Ms Sales grilled Mr Abbott over his claim that BHP suspended its Olympic Dam project as a result of the Federal Government's carbon tax.
Ms Sales extracted an admission from Mr Abbott that he had not read BHP's statement, which made no mention of the tax.
The timing could not be worse for the Opposition Leader, who is now under attack for failing to read a Federal Court judgment dismissing the sexual harassment case against former parliamentary speaker Peter Slipper.
Despite not reading the judgment – which found the case to be a politically-motivated abuse of process – Mr Abbott said Mr Brough acted "rightly at all times".
Mr Abbott said he was too busy "doing important things for the people of Australia" to read the judgment.

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What??? Who dared take Leigh Sales to ACMA?... Please let us know...



nine plus hope equals one...

Eleven Nine Entertainment bosses who paid a collective $3.27 million for stocks as part of an executive share plan will soon trade them in for just $1 per person. 
The heavy losses will be led by Nine chief executive David Gyngell, who paid $1.2 million for his shares in late 2007.

One executive quipped he was effectively paying to work at the company 

Mr Gyngell may have saved the media group from collapse late last year, but the rescue plan involved a deal that will crystallise millions in losses for Nine’s management team later this month.
When Nine’s current owners, CVC Asia Pacific, took effective ownership of the company in 2008, they insisted that Nine’s management team have "skin in the game", according to Nine executives who spoke to BusinessDay anonymously.

For most of the 40 top executives at Nine who participated in the program, this meant taking mortgages on the family home - ranging from six figure to seven figure sums - to finance the share acquisitions, which totalled $25 million. Half of this amount was financed out of their own pockets, the other half was provided as loans from Nine. The loans were non-recourse, so the executives were not liable for them when the shares were effectively worthless within a year of the plan being implemented as the media downturn hit.

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switching channels...


Current affairs program Sunday Night will air an interview with “six billion dollar man” James Packer in which he breaks down when talking about his father Kerry.  
The Network promises a “revealing” interview where “nothing is off limits” and includes the newly slim Packer’s musings on his fortune, his family and even his relationship with the ever eccentric Tom Cruise.  
“Call it a scoop, call it a coup, call it what you will - this is one of the most remarkable, open, engaging, raw, and moving interviews I’ve seen," a clearly enthused Mark Llewellyn, executive producer of Sunday Night, told 
"I think James Packer will surprise Australia with his frankness and bravery. James is not the man his father was, he very much his own man and this interview proves it.“ 
So how did Channel Seven score an interview that five years ago would have been handed to Nine on a platter?


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See toon at top... James could not cry his life out and reveal all by dropping his dacks on "The Project" (Channell 10), could he?... It would have been seen as self-serving and viewed by 127 people twice with repeat "Encore", would it not?...

underestimating broadcast quality...


Despite the trouble at the network, Mr Packer, who owns 8.9 per cent of Ten through his private company Cavalane Holdings, told Fairfax Media: "I rate Lachlan. Anyone who underestimates him is making a mistake."
Lachlan Murdoch and James Packer had jumped into Ten together in 2010, when the share price was trading at $1.40, with a plan to fix a network that at its peak made more money than its two commercial rivals combined.

Gina Rinehart followed suit, paying even more for a 10 per cent stake and a board seat. Two years later the company had its begging bowl out for a second time, asking shareholders to support a highly dilutive equity issue at 20 cents a share.
What makes the Ten story so extraordinary is that despite spending most of its corporate life as the younger, cooler sibling to its old, warhorse rivals, whose brand was built on playing the antithesis of the TV establishment, it was now majority owned by some of Australia's oldest - and richest - families.

It is a company whose share register is now populated by surnames like Murdoch, Packer, Rinehart and Gordon. More recently, billionaire media mogul Kerry Stokes has bought 5 per cent of Ten.

So what went wrong?

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See toon at top...


bad press and layers at five paces...

The stakes have never been higher in Australia's cut-throat breakfast television market, however executives at Channel Nine are said to be "furious" over the decision by Today executive producer Neil Breen to personally hire high-profile defamation lawyer Mark O'Brien to warn Rupert Murdoch's The Sunday Telegraph against publishing what he believed could be a potentially damaging article last weekend.

PS has learned that Breen retained the services of O'Brien last week after he learned the Murdoch-owned tabloid, which he edited for six years before moving to Nine, had requested ratings figures from the network's publicity department for the period from the arrival of Mark Calvert to oversee the show.

Calvert was brought in to help Today reverse a ratings decline as well as calm on-set upheavals, which had bubbled into public view. His arrival coincided with reports of ill-feeling on the Today set between Breen and key members of the show's cast, in the wake of Lisa Wilkinson walking off the show in protest, causing a storm of bad press

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slow train wreck...

At what point will the slow train wreck that is Ten Network reach its inevitable conclusion?

Its audience has decamped, the advertisers have walked, earnings continue to slide and minority shareholders have turned the stock into a speculative punt on failure. All that is missing is another upheaval in the upper ranks.

The flashpoint could well be sooner than many anticipate, and the kingmaker in any ownership change will be Bruce Gordon, the reclusive Wollongong-based billionaire owner of WIN TV.

Lachlan Murdoch and James Packer led the charge into Ten back in 2010, both emerging with 9 per cent of the troubled group before launching a coup and securing control of the board in 2011.

It will be Murdoch who undoubtedly will trigger the next chapter in Ten's turbulent future.

As I have mentioned before, it should not take much to patch the rot but a bit of ... Ah well why do I bother giving my expertise for free... 


See also: 


Its share price is falling and its ratings are the lowest they've been, so what is going wrong at Channel Ten?

And finally to something much more important in the world of television that could also disappear, at least according to some in the industry. 

Yes, we’re talking about Australia’s third commercial TV network, Channel Ten. 

Ten's only goal now is survival

— Sydney Morning Herald, 1st April, 2014

Despite the date, that gloomy headline was not an April Fool’s joke. 

And Fairfax entertainment editor Michael Idato, is not the only one wondering if Ten can avoid a wipe out.

Ten’s share price has fallen by almost a third in the last month ... and the network is now worth less than one-tenth of what it was a decade ago. 

Even so, most stock market analysts warn it could get worse and are telling clients to sell. 

Meanwhile, its ratings are also down. With the network’s main channel now attracting fewer prime time viewers than ever before .

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See toon at top...

TV lean soup for breakfast, lunch and dinner...

Network Ten will axe local news bulletins in Adelaide, Brisbane and Perth in sweeping changes likely to be accompanied by widespread job cuts in three states.

High-profile presenters Kerri-Anne Kennerley, Natarsha Belling, Tim Bailey and Mike Larkin will reportedly lose their jobs as part of the cost-cutting.

Under a major restructure of its news operations, the Brisbane and Perth bulletins will be presented in Sydney from September 14.

Melbourne will present the Adelaide bulletin.

Presenters, journalists and operations staff are all targeted under the widespread cuts.

Among the first to announce they were leaving the network, Adelaide newsreader Rebecca Morse.


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