Discovery and Foxtel to sweeten the pot
Discovery and Foxtel are planning to implement a dual-class share structure at Network Ten should they gain control of the company, potentially sweetening the deal for holdouts. The Australian Financial Review has reported [$] the pair are mulling over the option, which would create two classes of shares.
The pair would allow shareholders to own the second class of shares “up to a certain level”, giving them a financial stake in the company while handing control over to the joint bidders.
Seven: Sure, why not?
Meanwhile, SevenWest Media CEO Tim Worner has lobbed a hand-grenade into the waltz for Network Ten by suggesting it has a fleeting interest in a stake in the broadcaster, The Australian is reports. “We've been asked a lot about whether we should be able to buy Ten,” The Australian quoted Worner as saying [$].
“Why not? This doesn't mean we'd be interested but why shouldn't we be able to partner with Nine to buy Ten or a stake in Ten?”
400 jobs to go at ABC
The speculation about just how hard the government cuts to the ABC will hit has begun, with the Australian Financial Review suggesting that the ABC is preparing to shed 400 jobs [$].
The paper reported that ABC managing director Mark Scott is preparing the brief for staff, which will be circulated today.
The broadcaster is also in an ongoing stoush with the government over the timing of cuts to its budget.
Netball to re-structure to suit broadcasters and advertisers
The ANZ Netball Championships will be re-structured to suit the needs of broadcasters and advertisers. The Australian Financial Review has reported the flagship trans-Tasman comptition will be separated into two conferences, with more games to be played between Australian teams.
The move is being read as a direct response to the desire for broadcasters to show more Australian matches, with the negotiations over the next broadcast deal currently taking place.
Gyngell: I ain't going nowhere!
Nine CEO David Gyngell has dismissed rumours about his long-term future, saying that he intends to stay with the network beyond the end of his two-year contract, according to The Australian [$]. Gyngell dismissed speculation that he would seek to move as soon as his contract ran out. “I still have another couple of years to go and, unless I don't know something, I intend to see those out and work hard for another [contract],” he was quoted as saying.
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