If Seven wanted to model their local news on Nine Regional then they would’ve changed RQLD ages ago.
The only thing that will happen is the regional networks will continue to slowly lose money and cut local news to try and save money. A massive overhaul to the current system (unlikely) or the metro network buying up their affiliates are the only long-term way to save local news. The metro networks have the money to invest, the regional networks don’t.
yes. Prime is bleeding (as are most companies) - they will need to look closely at news very soon and go the way of WIN or Nine to rein in costs.
Im not convinced that any path forward is a particularly good one, especially if the regional media laws are changed again. Catalano is already on the record that he wont make an offer until the laws change and he’s giving strong indications that he wants to streamline news offerings alongside his newspaper empire.
Saw these constantly on the main channel while in Bendigo during the week but didn’t think to mention it here
Disagree. It’s sad but consolidation of regional media ownership is the only way it’ll survive. This merger needed to happen.
I wonder if Prime/GWN will join Seven in broadcasting 7mate in HD? Do they have the bandwidth to do this?
Hard to say now that the merger is not going a head!
maybe not and if so it will be match later then when 7mate mero goes hd
I see the ACCC has approved the merger.
So the merger is now happening?
Who knows
According to their ASX statement this morning, John Hartigan will retire as Chairman of the Prime Board following tomorrow’s shareholder’s meeting that would decide on whether the Seven-Prime merger would go ahead.
Should the merger not go ahead, Prime & Seven will consult in accordance with the terms of the Scheme Implementation Deed from when the merger proposal was first announced in October.
ACCC approved BUT merger unlikely to go ahead.
Antony and Bruce, if they vote no as they have said they would, that would be enough to block the merger.
One of them would have to change their mind by tomorrow otherwise it is dead
The Australian Communications and Media Authority (ACMA) has given prior approval for a transaction that will result in breaches of the media diversity rules. The transaction involves a proposed merger between Seven West Media Ltd (Seven) and Prime Media Group Ltd (Prime).
The transaction, if it proceeds, will result in breaches of media diversity laws in six regional areas in Western Australia.
The ACMA has accepted a court-enforceable undertaking from Seven that it will remedy the breaches in the areas affected within a specified period. The enforceable undertaking will involve the sale of Seven’s Redwave radio network.
The ACMA has also given prior approval for a transaction that will result in breaches of the media diversity and two-to-a market radio rules. This transaction involves the purchase of the Redwave radio network in regional Western Australia by Southern Cross Media Group Ltd (Southern Cross) from Seven.
This purchase will also cause a breach of the limitation on directorships, as Southern Cross would be in a position to exercise control of more than two commercial radio broadcasting licences in Bunbury through its subsidiary Regional Broadcasters Australia Pty Limited.
To remedy these breaches, the ACMA has accepted a court-enforceable undertaking from Southern Cross to divest a commercial radio licence in Bunbury.
Lets hope Bruce never gets control of Prime, last thing we F-----g need in regional Australia is another blue blob saying WIN2
The merger was overwhelming rejected.
John Hartigan’s address before the vote, and before he stepped down. He states the company will not be paying dividends, instead they will be paying off the debt. Presumably there will be more cost cutting?
The AFR is reporting that Seven West is expected to buy Prime Media shares today. I’m guessing that some minority shareholders will be willing to sell. And:
How much more cost cutting can Prime Media do? The full length kids shows were axed years ago (leaving just the 7.30pm kids goodnights for Possum & Doopa Dog over in the West) and aside from news, probably the only Prime-produced content of significance in recent years were those Ray Martin documentaries.
Even though their local news bulletins (at least from what I’ve seen) appear to be run on the smell of an oily rag as things are now, I’d hate to see them completely exit that market in favour of only running short updates everywhere.
John Hartigan’s opinion of Bruce Gordon and Antony Catalano:
He also said that there were no synergies between Prime and Australian Community Media, and that Prime and Seven would work towards putting the merger proposal back before shareholders.
Sounds like Seven tried the nice road, will be interesting what happens now sounds like there determine.
