So NZ Fairfax is now nine…?
It isn’t clear, but MediaWatch (RNZ) speculated last Sunday that it would remain a subsidiary or otherwise be spun off… so technically it won’t be Nine.
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The Australian reports today that Nine could sell Fairfax’s NZ operations if the merger is approved.
Can’t get past the paywall. Is it genuinely backed up or is it New Corp’s typical anti-everythingthatdoesn’tbenefitthem?
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Fairfax CEO Greg Hywood said during today’s full year results that the newsrooms of Nine and Fairfax would not merge, however the two could work together when necessary.
Bruce Gordon now has a 24.94% economic interest in Nine Entertainment after increasing his stake on Wednesday. Gordon owns 14.97% of Nine and via debt equity swaps has a further 9.97% interest. If the merger between Fairfax and Nine is completed, Gordon may end up with 12.74% of new Nine making him the largest shareholder.
Media, Entertainment and Arts Alliance has called on the ACCC to reject the merger on the basis it “contravenes the Australian Competition and Consumer Law”.
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it’s gonna be a long time according to google hmmmm
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Make that 25.94% as of yesterday.
He has fingers in so many freakin’ pies!
Largest shareholder in Nine now, potentially largest shareholder after Nine/Fairfax merger, owns WIN, has substantial stake in Prime. If it wasn’t for CBS, he’d still have that Ten stake.
I know that he is doing just enough to not ruffle lax regulatory feathers, but f^^k me, this is beyond a joke. How the hell did we allow this to happen?
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What’s his maximum for each network?
What would be maximum as stated by law?
His maximum allowable ownership of Nine is 15%. How he is allowed to have effectively own another 10% is odd … but it’s sort of like how Canwest didn’t own Ten despite actually owning it.
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I think the difference is Canwest exerted control over Ten, eg. could appoint directors, CEO, etc, whereas he can only appoint (maybe) one board member.
Still it’s a big eff you to the laws.
He can invest up to any regulatory threshold (be it by media ownership rules or the corporations Act) freely - there are no rules or laws against him holding what is in effect a strategic holding in another media company (nor is he the first to do it)
It’s a little unusual that he is investing in what could be considered as competing companies though
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If the merger is approved by shareholders and regulators including ACCC, Fairfax will delisted from the Australian Securities Exchange at the close of trade on November 28.
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However, The Australian reports today Nine had not ruled out job cuts as part of the merger with Fairfax. It also hints at the sale of Fairfax’s NZ business and the Australian regional newspapers.
Ironic for them to point that out since Murdoch had “promised” no job cuts if he bought up Ten, but set in motion processes to dump the entire news department.
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oh there won’t be any job losses attributable to the merger.
Job losses, yes… but that’s being efficient… not merging.
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