Agencies
Omnicom to buy Interpublic in $20.6b deal
Omnicom Group has agreed to buy Interpublic Group in a deal, valued at $US13.3 billion ($20.6 billion) excluding debt, that will create the world’s largest advertising company, The Australian Financial Review’s Fareed Sahloul and Mark Bergen report.
Under the terms of the agreement announced on Monday (Tuesday AEDT), Interpublic shareholders will receive 0.344 Omnicom shares for each share of Interpublic common stock they own.
Led by chief executive officer John Wren, Omnicom serves more than 5000 clients in over 70 countries, according to its website. Its network of agencies includes BBDO, DDB and TBWA. Interpublic is run by CEO Philippe Krakowsky and has about 55,000 employees, its website shows.
Business of Media
Rupert Murdoch fails in bid to cement Lachlan’s control over News
Rupert Murdoch has failed in his attempt to change the terms of a family trust that would have consolidated his son Lachlan’s control over a media empire that spans Fox News, The Wall Street Journal, The New York Post, The Australian and The Daily Telegraph and Sky News Australia, The Australian Financial Review’s Sam Buckingham Jones reported.
A Nevada court ruled resoundingly against Mr Murdoch, 93, rejecting his efforts to preserve his media empire’s conservative editorial position.
Murdoch and his lawyers had argued that it would be better for the entire family if Lachlan, now the chairman of News Corporation and the executive chairman of Fox Corporation, oversaw the business. The blockbuster lawsuit had pitted Mr Murdoch and Lachlan against the rest of the family – James Murdoch, Elisabeth Murdoch and Prudence MacLeod.
Streaming
British streamer closes in on Foxtel
News Corp is edging closer to securing a deal for its pay TV and streaming group Foxtel with the billionaire-backed streaming platform DAZN, potentially taking the company that broadcasts the AFL and the NRL into foreign ownership, reports The Sydney Morning Herald’s Calum Jaspan.
Having put the business up for sale publicly in August, News Corp is in late-stage negotiations with DAZN, a sports streaming business backed by British-Ukrainian billionaire Len Blavatnik.
DAZN, which broadcasts the NFL, MMA and UEFA Women’s Champions League in Australia, emerged as the likely buyer for Foxtel after talks broke down between News Corp and US private equity firm Platinum earlier this year over the former’s unrealistic asking price.
The deal to sell Foxtel for an undisclosed sum could be completed before Christmas, three sources with knowledge of the deal said. Foxtel’s debt load is about $1.2 billion. The news was first reported by Capital Brief.
Sky strikes Warner Bros Discovery deal, averting exodus of shows
Sky has struck a crucial content deal with Warner Bros Discovery, the owner of the film studio behind Barbie and HBO shows including Succession, averting a potential crippling exodus of shows as the Hollywood giant prepares the launch of its Max streaming service, The Guardian’s Mark Sweeney reports.
Under the deal between Sky’s parent company Comcast and WBD, the ad-supported versions of WBD’s Max and Discovery+ services will be bundled for Sky customers from April 2026.
However, it has not been able to launch its full streaming service, Max, because of an existing deal with Sky. Max is scheduled to launch in the UK and Ireland in 2026, after the expiry of the current deal with Sky at the end of next year.
Entertainment
Shock snub among Golden Globes noms
After months of feverish buzz, musical juggernaut Wicked being nominated in several categories for the 2025 Golden Globes is hardly a surprise, The Daily Telegraph’s Bronte Coy reports.
But an unexpected – and fairly significant – snub among the team who brought it from stage to screen has certainly raised some eyebrows. Wicked is up for four awards, including for its stars, Cynthia Erivo and Ariana Grande.
It’s also nominated for Best Picture and in the Cinematic and Box Office Achievement categories – making it all the more surprising that the film’s director, Jon M. Chu, didn’t make the cut himself.
The full list of nominations was announced by Mindy Kaling and Morris Chestnut on Monday morning, LA time, with drug cartel musical Emilia Pérez leading the entire pack with an impressive 10 nominations.
Stolen ruby slippers worn by Judy Garland fetch $43 million at auction
Originally valued at $4.7 million, the slippers exceeded that price within seconds of bidding at Dallas-based Heritage Auctions, eventually selling to an unidentified buyer for an eye-watering $43 million, ABC reports.
After forking out the winning bid and auction house fees, the buyer is expected to pay a total of $50.8 million for the slippers.
The aged footwear are one of four remaining pairs worn by Garland during the filming of the 1939 classic film. But these are the only pair that were, up until a few years ago, at large.
Social Media
Donald Trump probably can’t stop US TikTok ban
The popular social media app TikTok may soon be banned in the US following a Friday decision from a federal appeals court. Though president-elect Donald Trump came out against shutting down the app on the campaign trail, experts expressed doubts in his ability to halt a ban, The Australian’s Connor Smith reports.
Trump could opt not to enforce a ban by telling Apple, Google and TikTok’s other service providers that he will not punish them for keeping TikTok up and running, according to Sarah Bauerle Danzman, an associate professor of international studies at Indiana University Bloomington. But such a move may not keep the lights on at TikTok.
“This could set up a legal battle, and the app stores likely do not feel comfortable being in violation of the law even if Trump says he won’t enforce it,” she said.
Publishing
Guardian staff letters contradict Scott Trust claims it consulted over Observer sale
The Guardian has published two letters from current and former staff attacking the chair of the Scott Trust, the limited company which owns Guardian Media Group, The Press Gazette’s Dominic Ponsford reports.
Scott Trust chair Ole Jacob Sunde wrote an article in The Guardian on Saturday explaining why the Trust has decided to sell The Observer to Tortoise Media, saying the move followed “extensive internal and external consultation”.
Some 125 Guardian and Observer staff have signed a letter published by the title today taking issue with this and asking further questions about the sale of The Observer, which was agreed last Thursday. Those signing the letter include star Guardian writers like Simon Hattenstone, Polly Toynbee and Marina Hyde.