Murdoch’s Failed Ten Bid Leaves News Corp Without A TV Network To Buy

Murdoch’s Failed Ten Bid Leaves News Corp Without A TV Network To Buy
SHARE
THIS



Lachlan Murdoch will be kicking himself even more following his failed takeover bid for Ten, with industry executives predicting that not even a change of the media laws would give his family company the ability to purchase a TV network.

Murdoch’s joint bid with Bruce Gordon for Ten was the overwhelming favourite once the Australian Competition and Consumer Commission (ACCC) announced last week it would not oppose the offer.

Speaking at the time of the decision, ACCC chairman Rod Simms was satisfied that if Murdoch’s bid for Ten was successful, it wouldn’t reduce the quality and range of news content due to any alliance with News Corp or Foxtel.

“Even though incentives to compete may be weakened if the proposed acquisition proceeds, Ten and Foxtel/News Corporation will remain competitors in a number of markets and will be subject to our competition laws which prevent them from making anti-competitive agreements,” he said.

“While this transaction will result in some reduction in diversity across the Australian media landscape, we have concluded it would not substantially lessen competition, which is the test the ACCC is required to assess acquisitions against.”

However, in a shock move, Ten’s receivers (PPB Advisory) and administrator (Korda Mentha) revealed they would instead be handing over the reins to US media giant CBS on Monday.

Industry sources have since told the Australian Financial Review that if Murdoch or News Corp would struggle to get approval from the competition watchdog if they wanted to buy a different TV network.

Seven West Media chairman Kerry Stokes hasn’t given any inkling that his TV assets are on the market, while an AFR source close to News Corp denied it was interested in buying Nine, which doesn’t have the shareholder clout to block its sale.

The AFR’s sources also revealed that while the Murdoch-Gordon bid for Ten was made in a personal capacity, plans were already well underway to integrate some of the TV network’s operations before CBS swooped.

According to the sources, Sky News would have taken over production of Ten’s evening news bulletins, while Fox Sports would have had a hand in producing the free-to-air network’s sports coverage, with both companies already sharing the broadcast rights for rugby, supercars and soccer.

Meanwhile, the Greens have warned the federal government that any attempt to block CBS’s acquisition of Ten could threaten efforts to secure an agreement on media reforms.

Sarah Hanson-Young, communications spokeswoman for the Greens, told the AFR that she fears News Corp would force the government to intervene in the Foreign Investment Review Board’s assessment of the bid by CBS.

“In Australia’s increasingly concentrated media landscape, the emergence of a new player on the field is desperately needed to protect diversity,” she said.

“The Treasurer must resist any pressure to block this acquisition – doing so would mean job losses and give legitimacy to baseless foreigner fear-mongering.

“Pretending that a multinational-Murdoch sale would be ‘more Australian’ or better for Australian audiences is laughable. Everyone knows that’s poppycock.”

Please login with linkedin to comment

Advertising Standards Bureau ARN difference between Emaling platform TV

Latest News

Twitter Lifts Revenue 74% On The Back Of Advertising Boom
  • Technology

Twitter Lifts Revenue 74% On The Back Of Advertising Boom

Twitter has just experienced its fastest growth in revenue since 2014, with the social media platform benefiting from increased interest from advertisers. Revenue was up 74 per cent YoY, according to the company’s Q2 results, reaching $US1.19 billion ($1.6 billion) from $US683.4 million ($925 million) 12 months ago. The strong results came in the same […]

by B&T Magazine

B&T Magazine
Wild Turkey Whisky Campaign Stars A Smouldering Matthew McConaughey
  • Advertising
  • Campaigns

Wild Turkey Whisky Campaign Stars A Smouldering Matthew McConaughey

Wild Turkey has announced the launch of its new global creative campaign and platform, ‘Trust Your Spirit’, featuring the brand’s creative director and spokesperson, Matthew McConaughey. The global campaign and platform ‘Trust Your Spirit’ is to encourage people to be bold, unapologetically themselves, and stay true to who they are. The global tagline and ethos […]

Optus Teams Up With TikTok To Launch Sign-Language Campaign
  • Marketing
  • Technology

Optus Teams Up With TikTok To Launch Sign-Language Campaign

Telecommunications company Optus has announced it will launch the world’s first TikTok sign-language activated filter. Featuring Optus ambassador Ian Thorpe, Optus will unveil a branded effect that shows TikTok users how to say key phrases in Auslan sign language, including ‘How are you?’ and ‘It starts with Yes’, through the hashtag challenge #SignYes. Optus will […]

Bapcor Debuts First Campaign With AJF
  • Campaigns

Bapcor Debuts First Campaign With AJF

Asia Pacific’s leading provider of vehicle parts, accessories, equipment, service and solutions, Bapcor will launch its latest campaign, ‘The unseen parts of every Australian journey’ this weekend.

Professional microphone in radio studio
  • Advertising
  • Media

Podsight’s Benchmark Report Shows Podcast Advertising More Effective Than Other Digital Channels

Podsights has revealed new insights into the effectiveness of advertising in podcasts, tracking global and Australian podcast advertising trends. This is the first Australian report to be published since ARN partnered with Podsights to set the standard for best-in-class podcast advertising measurement. The report includes additional analysis and follows a series of Measurement Masterclasses held for […]

NGEN’s Charity Cup Raises Over 175K For UnLtd Charity Gotcha4Life
  • Campaigns

NGEN’s Charity Cup Raises Over 175K For UnLtd Charity Gotcha4Life

NGEN’s 2021 charity cup has raised over $175,000 for UnLtd charity partner Gotcha4Life. Gotcha4Life is a not-for-profit foundation raising awareness and funding to provide educational workshops and innovative programs that build mental fitness in individuals and communities. While Sydney and Brisbane completed the Charity Cup in June, before Covid restrictions hit, the final leg in […]

Biennale Of Sydney & Cicada Innovations Launch Sustainable Materials Challenge
  • Campaigns

Biennale Of Sydney & Cicada Innovations Launch Sustainable Materials Challenge

Australian tech incubator Cicada Innovations and Biennale of Sydney are launching the ‘New & Sustainable Materials Challenge,’ in an effort to create a more sustainable future. The works of chosen material-makers will be showcased to millions of Biennale audiences, exhibition partners, and exhibition makers globally. The Challenge is open to any Australian and UK startups, […]