Business of Media
Nine Entertainment leadership bonus payments cut as profit slumps
Nine’s key executives did not receive their full bonus entitlements in the past financial year, the latest annual financial results show after failing to meet set targets, reports The Australian’s Sophie Elsworth.
CEO Mike Sneesby forfeited 77.5 per cent of his target short-term incentive for the year, but took home total remuneration of $2.1m, including a base salary of $1.5m.
That was down from $2.69m in the prior year.
Meanwhile the company’s chief finance and strategy officer Matt Stanton received 50 per cent of his bonus. Stanton’s total remuneration for the 2024 financial year – his first in the current role – was $1.07m.
Chief sales officer Michael Stephenson received 36.5 per cent of his bonus entitlements and his total remuneration was $1.24m, down from $1.8m.
Nine said in a challenging economic environment the Group EBITDA target of $553m was not met, instead reaching $513m.
Nine reveals how much it paid to air Paris Olympics
Nine Entertainment revealed it had paid $77 million of a $305 million deal to air the Paris 2024, Los Angeles 2028 and Brisbane 2032 Olympic Games, which chief executive Mike Sneesby insists will be a profitable gambit for the media company, reports The AFR’s Sam Buckingham-Jones.
The ASX-listed company snatched the Olympics away from TV rival Seven West Media. Sneesby has said the games delivered $140 million in advertising so far, plus $20 million in subscription fees.
Nine Entertainment mulls what to do with Domain stake, again
Nine Entertainment has been a painfully dull client for its long-time banker, Jefferies’ Michael Stock, reports Street Talk in The AFR.
Since the Nine-Fairfax Media merger in 2018, it’s been quiet on the home front as far as corporate deal-doing goes – bar some chatter earlier this year that the Nine banker had canvassed major private equity firms to gauge their interest in the company’s controlling stake in Domain.
But Street Talk reports Stock has hit the phones again on behalf of his client, seeking to test their interest in its stake in the $1.8 billion ASX-listed residential and commercial property listing platform.
If Nine did sell Domain it would, of course, have a different set of strategic options. You’d have to think a tie-up of streaming services would be close to the top of that list with names like Paramount+ Australia and Binge competing against its on-demand subscription offering Stan.
Of course, News Corp’s Foxtel is now on the market via Goldman Sachs. Anything can be sold at the right price but it’s worth noting the Foxtel business has barnacles on it, the latest of which are expectations that Warner Bros Discovery, which owns HBO and the Discovery Channel, will launch its own streaming platform in Australia, Max.
Media hailed by Tanya Plibersek for unity on recycling
Environment Minister Tanya Plibersek has lauded the collaboration of the news sector following Meta’s “unfair” decision not to renew the media bargaining agreement, reports The Australian’s James Dowling.
Speaking at the News Corp printing site in Chullora, Sydney, Ms Plibersek praised a joint print media recycling scheme, saying it was a pertinent act of co-operation after Meta’s decision to step away from its investment in national news.
“It’s particularly admirable to see the news organisations doing this (the national environmental sustainability agreement) at a time when the environment for newspapers is becoming increasingly difficult. We see huge organisations like Meta once again saying that they’re not prepared to pay for the news they use,” Ms Plibersek said.
“We know how unfair that is, and we know the way that it impacts on the models that news media organisations are trying to keep running in this incredibly competitive environment.”
See also:
Tanya Plibersek and news publishing industry leaders tour Chullora Print Facility
News publishing media industry recognised for recycling leadership – scheme run by ThinkNewsBrands
Tabcorp boss Gillon McLachlan sets new agenda amid heavy losses
New Tabcorp boss Gillon McLachlan has ditched aggressive performance targets set by his predecessor as the former AFL chief executive establishes his own agenda in the battle against competition from online rivals Sportsbet and Entain, reports News Corp’s Glen Norris.
Tabcorp booked a worse-than-expected $1.36bn loss for the year amid continung belt-tightening by customers and heavy writedowns on wagering asssets in NSW and South Australia. Tabcorp said its national network of outlets in pubs and clubs would serve it well despite softer wagering conditions and an impending crackdown on sports betting advertising.
McLachlan said Tabcorp had the building blocks to create a complete sports entertainment business. “To achieve this, there will be a new cadence at Tabcorp which will ultimately unlock significant value for shareholders,” he said.
Social Media
Westpac chief executive Peter King calls for social media ‘regulation’ to combat scams
Westpac is calling on the federal government to regulate social media giants such as Facebook if they do not take more action to crack down on financial scams on their sites, reports The Australian’s Glenda Korporaal.
Westpac chief executive Peter King will urge the government to take “quick and decisive action” against sites such as Meta if they do not act fast enough to clean up their sites, when he appears at the House of Representatives Standing Committee on Economics in Canberra on Thursday.
In an opening statement to the committee, King will accuse social media companies of being “missing in action” in the battle against financial scams.
“Digital platforms and social media companies are missing in action when it comes to the fight against scams,” he will say.
Television
ACCS 2024: Aust. Children’s Content Summit takes off in Coffs Harbour
More than 250 delegates from 12 countries have gathered in Coffs Harbour for the 2024 Australian Childrens Content Summit, reports TV Tonight.
Writers, producers and creatives from the children’s sector have gathered with execs from ABC, NITV, Nine, BBC, Disney, PBS plus Screen Australia, Screen NSW and the Aust. Children’s Television Foundation representatives for the annual confest discussing the creative, producing and distribution side of children’s television.
Coffs Harbour has turned on magical weather for the event based at Pacific Bay Resort, also the site for future Coffs Harbour studios. The event is again under the steerage of Suzanne Ryan and Dean Sutherland and the team from SLR Productions.
Deidre Brennan from Screen Australia and Jenny Buckland from ACTF announced a joint Kids IP Incubator.
“We’re looking for teams, emerging or experienced, it doesn’t matter, who want to play in the online space,” said Buckland. “We’re going to explore the different creative mindset and business models that we need to think about if you’re going to play in the online space, that could be YouTube, it could be FAST channels, robots, it could be something else we can come up.”
Joined by ACCS Ambassador Emma Watkins, the conference will continue until Thursday featuring over 160 Pitch business meetings with, ABC, Nine, Screen Australia, Screen NSW, ACTF, Screen Territory.
There are 33 Speakers from across the globe, including from ABC, BBC & PBS KIDS, Disney Junior, SLR Productions, Flying Bark Productions, Nelvana & Kids Can Press (Canada), Tony Burke Minister for the Arts and more.
ACCS 2024: “We’re all feeling it” over lack of local quotas, say Kids producers.
Children’s Television producers in Australia are feeling the squeeze from a perfect storm of no sub-quotas on Free to Air networks, no streaming quotas as promised by July 1st and the downturn in commissions due to the advertising market, reports TV Tonight.
At the Australian Children’s Content Summit, a show of hands from delegates demonstrated how many businesses are hurting right now.
Suzanne Ryan from SLR Productions and convenor of the Summit said, “We were promised a quota, and we worked very hard with our own dollars, going to Canberra and doing a lot of work over the last few years, when the subquotas left the Free to Airs. We really hoped that (quotas) would be here. I’m sure we could get a show of hands if you’re all feeling let down.
“If you’re finding it tough right now to get a show financed, if you want to put your hand up if you’re in that bucket.”
‘I was a 7, now I’m a 10’: 7NEWS weather presenter Liz Cantor’s shock career move
Veteran 7NEWS weather presenter, Liz Cantor has announced she has jumped ship to join Network 10, after nearly two decades at Channel 7, reports News Corp’s Georgia Clelland.
Cantor is set to debut on 10 News First Queensland on Monday, September 2, with the network’s newly appointed Queensland news anchor, Sharyn Ghidella.
“I was a seven, now I’m a ten,” Cantor quipped, embracing the bold move with characteristic enthusiasm.
Cantor’s move to Network 10 is part of a broader shake-up as the network brings its Queensland bulletin back home after airing it from Sydney since 2020.
Earlier this month, the network also announced that respected journalist Sharyn Ghidella would anchor the 10 News First Queensland bulletin, bringing a renewed focus on local news.
Andy Lee’s books have sold 3.5 million copies. Now comes the TV series
Andy Lee is used to doing things at his own pace – which is to say, pretty fast. But his latest project has moved at a crawl. And he doesn’t mind it one bit, reports The Age’s Karl Quinn.
“It takes so bloody long, but there’s something nice about that,” he says of the process of turning his best-selling children’s book series, which began with Do Not Open This Book in 2016, into an animated TV series for the ABC.
“I compare it with my podcast, which Hamish [Blake] and I knock out in around 45 minutes and it goes out overnight. I love how quick and creative it is. But on this, an individual drawing of how someone’s hair or eyebrows might look, depending on what vowel shape they’re making with their mouth … it’s a different type of intricacy, which is also good.”
The nine books in Lee’s series have sold more than 3.5 million copies globally, and have been translated into 38 languages. Recently, he was invited to a book fair in Portugal, where he spent hours signing books for hundreds of people. He was stunned to learn he’s a big deal there and in Brazil (“the translators must be really good”, he observes), even if the US has proven a tougher nut to crack. “But there’s about to be a new launch there in the coming months,” he says optimistically.
‘Disgrace’: Block contestants sack their builder on camera
One of this season’s teams on The Block has suffered a major setback, dramatically firing their builder on camera following a series of setbacks they said they “couldn’t recover” from, reports news.com.au’s Nick Bond.
Best mates Ricky and Haydn had been having a series of problems with their builder Miller, but the issue that tipped them over the edge came in Wednesday’s episode of Nine’s reno show when foreman Dan and The Block’s head builder came to inspect the waterproofing in their partially-built bathroom.
They found multiple issues, telling the boys everything would need to be ripped out and re-done from scratch. It meant Ricky and Haydn wouldn’t be able to present a room this week, forfeiting any chance at a much-needed win.
Yellowstone might return for Season 6 with Kelly Reilly & Cole Hauser
Taylor Sheridan’s hit Yellowstone will likely not be ending with Season 5. Deadline reports negotiations are underway for a sixth season of the flagship drama to be headlined by Yellowstone standouts Kelly Reilly and Cole Hauser.
Sources stress that the deals are not done but the intention is for Yellowstone’s story to continue past Season 5B, which is expected to bid farewell to its original lead character, Kevin Costner’s John Dutton. (Costner has confirmed that he won’t appear in the upcoming episodes.)
CNN announces ‘The First Interview: Harris & Walz a CNN exclusive’
US Vice President Kamala Harris and Governor Tim Walz will sit down exclusively with CNN Anchor and Chief Political Correspondent Dana Bash from the crucial battleground state of Georgia for their first joint interview. The extensive interview, Harris’ first interview since becoming the Democratic nominee after President Joe Biden ended his campaign for reelection, will air as a primetime special on Thursday, August 29th at 9pmET/PT and across CNN’s platforms.
The First Interview: Harris & Walz A CNN Exclusive will stream live for pay TV subscribers via CNN.com, CNN connected TV and mobile apps on Thursday, August 29th. (Friday morning on the east coast in Australia.) The First Interview: Harris & Walz A CNN Exclusive will also be available on demand beginning Friday, August 30th to pay TV subscribers via CNN.com, CNN connected TV and mobile apps, and Cable Operator Platforms.
Radio
ABC star Sammy J’s swipe at Kyle & Jackie O over Melbourne radio wars
Comedian Sammy J has taken a hilarious swipe at rivals Kyle & Jackie O in the wake of yet another radio survey which revealed the Sydney-syndicated show is bleeding listeners, reports Herald Sun’s Kaitlyn Smith.
The popular presenter of ABC Radio’s breakfast show took to social media on Monday after it was revealed his program performed best overall, growing his share from 7.3 to 8.2 per cent.
“All these months asking my ABC listeners whether they’ve done anal has really paid off,” he joked to his 56k Instagram followers.
The lighthearted jab, referencing Sandilands’ penchant for crude content, comes as the $200m radio heavyweights continue to deliver less than stellar results in the Melbourne market.
Sports Media
Robbie Slater is sick to his stomach over the new broadcast deal for Australian football
If you want any more evidence of the rift in football in Australia you need to look no further than the new deal Football Australia has done with current broadcaster Paramount/Ten, reports News Corp football columnist Robbie Slater.
The bitter feud that raged for years before the APL divorced itself to run the A-League and the FA concentrated just on running its own affairs still exists and is evident in this new deal trumpeted by the FA.
It is extraordinary how football has messed things up in this country.
I have met with the important people in this country and talked to people at all levels of the game and I can tell you now – there is no plan.
I am pissed off that we have now got ourselves in this position that after everything the game has endured, we should go and pat everyone on the back about getting a new TV deal and thank Channel Ten for how they’ve treated football in this country by rewarding it with the Socceroos and Matildas.
Make no mistake, this mega-deal bandied about for many months of $200 million over the next four years is simply not true. I am told the exact figure is well south and is just a 15 per cent increase on their last deal which was reported to be $100m.