Business of Media
Twitter at Risk of Moody’s Downgrade Amid Elon Musk’s Takeover Plan
Moody’s is considering downgrading its rating on Twitter after the social media company agreed on April 25 to be acquired by Tesla CEO Elon Musk, reports Caitlin Huston.
The investment service will review its rating on Twitter, with an eye to debt the company may take on as part of the acquisition and the strategic changes promised by Musk. The review underscores the uncertainty felt by Wall Street, as well as the general public, about the platform’s future under Musk.
Twitter accepted Elon Musk’s $44 billion acquisition offer Monday, in a deal that is expected to close in 2022. Once the transaction is complete, Twitter will become a private company.
To make the offer, Musk secured $46.5 billion in financing, which includes more than $25 billion in debt, backed by the major banks, as well as $21 billion in equity, which is likely tied to Musk’s stakes in Tesla.
Tunnel rat’s tale key to Ben Roberts-Smith case
If Ben Roberts-Smith has any hope of winning his so-far disastrous defamation case, the key may be a Kiwi-born SAS soldier who will give evidence about what he found when he crawled alone into a tunnel in Afghanistan hunting for Taliban insurgents, armed only with a pistol, reports News Corp’s Stephen Rice.
That display of raw courage by the slightly built soldier, echoing the feats of the “tunnel rats” of the Vietnam War, might otherwise have passed unremarked – one more act of unsung heroism in a long-forgotten skirmish.
But 13 years later it is set to play a defining role in the defamation action Roberts-Smith has brought against the newspapers that branded him a war criminal.
Agencies
Havas Group reports revenue growth up 17.7% in Q1 results
Havas Group has reported revenue growth of AUD$881million (€591 million) up by 17.7% in contrast to last year’s first quarter results.
The advertising and publications firm’s results for the first quarter of 2022 were published in the financial results of its parent company Vivendi.
Net revenues were A$841million (€564 million), up by 18.0% compared to last year. Broken down the results are organic growth of +11.4% (compared to organic growth of -0.8% in the first quarter of 2021), a +4.4% currency effect and a +2.2% contribution from acquisitions.
The report noted that the excellent operating performance is due to the strong commercial momentum that was achieved in recent quarters, in addition to the boost by the launch of innovative new offerings (notably Havas CX and Havas Market).
Vivendi also noted that all the geographical regions reported strong organic growths, as well as positive contributions from across all divisions: creative, media and healthcare communication.
The Mint Partners announce new roster of clients
The Mint Partners has announced its newly expanded client roster, featuring a range of new category accounts across fashion, food and wine, travel and tourism, property, technology and design.
Among the new clients include projects for Capri Holdings for Michael Kors, AC By Marriott Melbourne, Trenery, The Port Arthur Historic Site Management Authority, Central Element, The Woollahra Hotel and Bistro Moncur and Design Tech Platform ArchiPro.
Genevieve Taubman, co-founder and managing director of The Mint Partners, said: “We are pleased to welcome a range of new category clients to The Mint Partners portfolio. We believe a multi-category approach, (with a luxury lens), is the key to both a resilient business and an innovative and inspired team.
“This dedication to diversification helped to deliver 10% growth over FY20-21 – a terrific result for the business,” she added.
News Brands
Seven, Mark Riley firm as favourite for next leaders debate
Kerry Stokes’s Seven Network appears all but certain to stage the second campaign debate between Scott Morrison and Anthony Albanese, with the Prime Minister’s office believed to have agreed to an event moderated by political editor Mark Riley next week in Sydney, reports News Corp’s Nick Tabakoff.
The Australian understands that, Albanese’s recovery from Covid-19 permitting, the one-hour debate is set to take place in prime time at 7pm (Eastern Standard Time) on May 5, at either Seven’s Martin Place studios or at its new studios in the inner-city suburb of Eveleigh. It is understood Seven has opened up the 7pm timeslot on all of its main channels across both the Seven and Prime networks nationally.
The face-off would take place a week after Albanese emerges from his Covid-19 isolation, and four days after the Labor campaign launch in Western Australia this coming Sunday. Unlike the first campaign debate which took place in Brisbane last week for Sky News, the latest instalment would be promoted as an “old school”, head-to-head duel between Morrison and Albanese that features no audience and Riley as the sole moderator.
Outdoor
VMO secures media rights for Brisbane’s Valley Metro
Val Morgan Outdoor (VMO) has secured the exclusive outdoor advertising tender for Brisbane’s iconic Valley Metro.
The vibrant rejuvenation area, in the Fortitude Valley, is home to one of Brisbane’s busiest train stations, Valley Metro, which has undergone a major $500 million redevelopment.
Valley Metro has transformed into an upmarket transport and lifestyle complex, comprising a 30-story residential tower, 24 story office tower as well a gym and retail facilities.
Anthony Deeble, chief commercial officer of The Hoyts Group and VMO, said: “We’re absolutely delighted to now have one of the most prominent and busiest Brisbane hotspots under our leading outdoor portfolio.
Television
Proposed local rules for Netflix, Disney ‘weak’, say screen producers
Australian screen producers are calling for a 20 per cent content quota to be imposed on streaming giants such as Netflix and Disney+, labelling a federal government proposal for a 5 per cent requirement as “weak”, reports AFR‘s Miranda Ward.
Screen Producers Australia, a lobby group representing film production businesses, emerging producers and service providers, argues in its submission to the Streaming Services Reporting and Investment Scheme Discussion Paper that the government’s proposed two-tier scheme to encourage streamers to invest in Australian content is weak and “could likely result in less new Australian content on streaming services”.
In February, the Morrison government proposed a two-tier system to encourage streamers to invest in Australian content. It would require them to report annually to the Australian Communications and Media Authority about their spending on and provision of Australian content, and to outline the steps they were taking to make local content prominent and discoverable on their services.
If a tier 1 service was investing less than 5 per cent of its gross Australian revenue in new Australian commissions in any given year, the minister for communications could designate the service as tier 2, triggering a formal investment requirement backed by an enforcement regime.
Karl denies “bullsh*t” story on leaving Today
In the latest case of imploding tabloid stories, Karl Stefanovic has denied reports this week that he is stepping away from co-hosting Today, reports TV Tonight.
On Monday, Woman’s Day reported he would step away from Today to spend more time with his children, whilst reporting for 60 Minutes and (bizarrely) still cover major stories such as floods and bushfires for Today.
A number of other media, sensing great clickbait, also ran with the story.
3AW’s Neil Mitchell texted Stefanovic asking if the rumours were true.
“No way, absolutely bullshit,” Stefanovic replied.