Business of Media
Logan Roy’s death morphed into a real life Murdoch succession drama
Logan Roy died in the third episode of the final season of HBO’s hit drama Succession. It was an episode beamed around the world in April last year, portraying a fictional family and the Waystar Royco global media and entertainment conglomerate it controlled in complete disarray, writes the AFR’s Sam Buckingham-Jones.
In the same month, shortly after the fictional Roy’s demise, the Murdoch family started secretly discussing what would happen once their patriarch, Rupert Murdoch, died. It was no secret that Succession had been inspired by the Byzantine family relations of the real-life Murdochs, who control an empire running from conservative cable network Fox to influential tabloid newspapers in Sydney, Melbourne, New York and London.
Sitting down to work out how to avoid the fate of the Roys after Logan’s death, lawyers acting for Elisabeth Murdoch, Rupert’s second-eldest daughter, put their advice in a document to present to the family trust.
They called it the “Succession memo”.
Foxtel’s UK suitor calls in Bank of America for advice
London-headquartered global sports streaming platform DAZN, which was outed as a possible suitor for News Corporation’s majority stake in Foxtel last month, has brought on Bank of America for advice, reports the AFR.
Street Talk understands the group, backed by billionaire Len Blavatnik, is working with BofA’s telecommunications and media team on a potential deal. But there’s no guarantee it will make an offer for the pay television platform, which has been on the market for four months.
News Corp first flagged “third-party interest” in Foxtel in August and brought Goldman Sachs on to run a sale process for its 65 per cent stake.
Murdoch ‘Succession’ tropes can’t hide a dilemma for investors
As news broke on Monday night that Rupert Murdoch had failed in his attempt to strengthen eldest son Lachlan’s control of the family media empire, a very different message about the fate of Fox Corporation was being delivered on the other side of the United States, writes the AFR.
Fox chief financial officer Steve Tomsic told a UBS media conference in New York that the company’s share of the US cable news audience had rocketed from 50 per cent a few months ago to 70 per cent in November, as Donald Trump won the White House.
What’s more, its overall share of the US TV audience is sitting at about 20 per cent; Tomsic declared Fox is now the equal of any of America’s four big free-to-air networks.
It’s that sort of growth that has helped Fox shares climb an impressive 53 per cent year-to-date, taking its market capitalisation to $US21 billion ($33 billion).
Entertainment
The ‘ho-ho-hoiest’ Christmas special of the year? It’s Sabrina Carpenter’s, surely
This year, Sabrina Carpenter experienced what might be the oddest career glow-up yet in pop. Aided by an opening slot on Taylor Swift’s Eras Tour, a bunch of ribald Nonsense outros that went viral, and a pair of inescapable, chart-dominating hits in Espresso and Please, Please, Please, she became a sudden breakout success with her sixth (!) album, Short n’ Sweet – a release that’s still churning out songs like Taste, Bed Chem, Juno and other unobjectionable jams you might find playing at your local Uniqlo, writes the SMH’s Robert Moran.
For a singer who ’til last year was best known to most as the other woman in Olivia Rodrigo’s Drivers License love triangle, her transformation from an Ariana Grande knock-off to a bona fide pop superstar has been impressive. That she’s done it all with a weird ’50s sexpot persona that’s part tradwife, part Kelly Bundy – particularly in an era where post-Swiftian authenticity has become paramount to pop success – feels like a miracle.
Radio
ABC radio bosses have ‘trampled’ on listener trust with Sydney presenter changes, staff say in angry letter
ABC radio management has shown no understanding of the vital role of public broadcasting and presenter changes have trampled on audience trust, Sydney staff have said in an angry letter to the ABC board, writes The Guardian’s Amanda Meade.
In the letter, seen by Guardian Australia, journalists say the decision to remove Sydney presenters Sarah Macdonald and Simon Marnie had been made without consultation or explanation. The strategy to improve ratings has not been communicated, apart from that it needs a refresh, and staff are bewildered and concerned.
Sarah Macdonald, whose contract ends on Friday, has been on stress leave since revealing on air she had been axed after two years on the mornings shift.
“We have a unique relationship with our audience who fund us to provide information, entertainment and company,” the letter says.
Sport
ARL Commission acquires accommodation properties in Port Macquarie and Brisbane as asset base grows to nearly $110m
The financially-flying NRL has built its asset base to nearly $110m after buying hotels in Port Macquarie and Brisbane this week, writes The Australian’s Dean Ritchie.
It is part of the NRL’s bold move to establish an asset base worth $300m.
The ARL Commission acquired the Ibis Styles Hotel in Port Macquarie for $15.5m and a Mantra Hotel in Brisbane for around $22m.
Unbelievably, the game was on the brink of insolvency when the NRL competition shut down during Covid just four years ago.
“The game has never, ever been in a stronger financial position. Like all smart businesses, you need to diversify your income streams and the NRL is doing that,” said Raiders chief executive Don Furner.