The Australian today confused CBS with Viacom, and Quentin Dempster is doing the same. They are totally separate companies, despite having the same controlling shareholder (via a gerrymander, about 80% control of both with about 10% of the total shares).
https://indaily.com.au/news/business/analysis/2017/08/29/high-noon-news
What all this really does for ten is make it a multi-platform player and will allow them access to online advertising for News and streaming. This is really what they weren’t doing which has arguable cost them so much.
All those people fearing foreign investment are delusional if they think an Australian backer for ten would be better. All we would have got is consolidation and News Corp take over of ten to protect fox and sky.
12 Likes
It will mean competition for sports rights. Ten and CBS could bid for the AFL and NRL rights when the rights are up for grabs at the end of the 2021 season. Many benefits for Ten with yesterday’s news and the future of the network is secured.
3 Likes
in fairness, the two were one and the same until 2006
1 Like
Viacom is now a separate company
Disgruntled Ten shareholders are looking to initiate a class action against Ten, with the Australian Shareholders Association also considering legal action and asking what can be done by treasurer Scott Morrison, in his capacity as the final arbiter on foreign investment, to get some compensation for shareholders. The issues are that the CBS proposal leaves the current shareholders with nothing, whereas the Gordon-Murdoch proposal would have given shareholders 1/4 of their existing holdings. There is also concern about the lack of information from the Ten board and administrators, and the way that Ten went into administration.
1 Like
That’s the risk one takes when trading on the stock market. If every company that went under had a class action suit then there would probably be no stock market. There is no guarantee that anyone is going to make money from shares and you take that risk on board when you purchase. Previously I held around $1000 worth of Ten shares and got out when it was worth around $700. That’s my loss and had I held my ground I would have had nothing. But I’m not going to whinge and whine that I lost value…it was my risk in the first place and I am lucky I got out when I did.
15 Likes
Exactly, it’s a fucking media stock. What were people expecting? 20% growth in the 3rd rated television network in 2017?
Never invest in media.
12 Likes
hehee. 
So deliciously happy…
4 Likes
There’s an old saying: “the only way to make a small fortune in the media is to start with a big one.”
2 Likes
Not surprised by the mention of “Nine’s and Seven’s former boss David Leckie”.
1 Like
From that article:
The merger of Foxtel’s and Ten’s sales force into MCN was for nil. The rationale for News Corp’s full ownership of Sky News – to replace Ten’s news division – is in ashes, as is Fox Sports’ joint-bidding for broadcast rights, in some cases an anti-siphoning workaround. For News Corp, its executive co-chairman’s personal own goal is an unmitigated debacle.
Read more: After the crash, Lachlan Murdoch hands Ten to CBS
Follow us: @FinancialReview on Twitter | financialreview on Facebook
Brilliant analysis!
7 Likes
Imagine Leckie swooping in and using all the CBS money to turn Ten around. He has probably been bored of late and would like a cashed up ten to play with.
That article was spot on. If Grant Blackley was still there and the strategies they had put in place ten would;ve grown as a media company instead of collapsing in a heap.
And Murdoch/Gordon forcing the board’s hand has back fired big time.
2 Likes
Can’t read the article, is there a way to get around the paywall?
1 Like
Google it and you will access the cache version.
Here is another good article which shows how much Gordon and Murdoch stuffed up and shows how ten dodged a bullet in a tie up with News …plenty of job losses:
1 Like
For all of Murdoch’s faults, It was Blackley and his news revolution that was a complete and utter disaster that did massive damage to Ten News and the network. Had they continued with Evening News and George Negus they would’ve gone bankrupt years ago.
2 Likes