A statement released by incoming Ten Network CEO, Hamish McLennan, has signalled a breakdown in relations between the network and its current content recipient Southern Cross Media.
McLennan said in a statement released to the media that “It is now obvious to everyone that Southern Cross Media’s intention is to merge with Nine Entertainment Co.”
In a clear sign that negotiations that interim CEO Russell Howcroft described as continuing “in good faith” have broken down, McLennan said the following:
“On March 4 this year, a statement issued by Southern Cross Media said it was ‘reviewing a number of strategic options’ and ‘the board has not, at this stage, formed a view as to any preferred option’.
“But Southern Cross Media remains silent. Its shareholders have a right to know if the company’s directors are meeting their continuous disclosure obligations. Its shareholders have a right to know how detailed and advanced the discussions between Nine and Southern Cross Media are, and what has been discussed with the Government.”
McLennan also joined the long list of media bosses lining up to take a swing at Communications Minister Senator Stephen Conroy
“The Government’s determination to rush through the removal of the 75% audience reach rule is staggering.