Business of Media
ARN Media’s raid on radio rival gets mixed reaction
Investors in two of the most high profile radio stocks were left scratching their heads on Tuesday as to why ARN Media amassed a 14.8 per cent stake in Southern Cross Media Group, reports The Australian’s Bridget Carter.
Media law restrictions preventing ownership concentration in the market means that ARN Media cannot buy its rival, and there’s no other suitor known to be circling.
Acquring the shares at $1.08 each – a 42.1 per cent premiums to the last traded share price of Southern Cross Media at 76c – almost appears to offer a vote of confidence towards its competitor that has the job of taking market share away from ARN Media.
The move sent its shares 20 per cent higher, closing at 92c, while ARN Media’s shares closed down almost 1 per cent to $1.03.
But while some questioned whether outlaying $38.3m for the stake rather than investing in the business organically or through acquistions was the best use of funds for ARN Media, previously known as HT&E, shareholders spoken to by DataRoom have suppored the move and said they backed the Ciaran Davis-led management and the group’s board.
How John Oliver became a weapon in Reddit’s civil war
A civil war between Reddit’s owners and the volunteer moderators it relies on has taken an odd turn, with some of the biggest “subreddits” on the site devoting themselves to sharing pictures of one man and one man only – British TV comic John Oliver – in a cunning play in an increasingly fractious battle, reports The Guardian’s Alex Hern.
Reddit’s owners began fighting the strike by removing moderators from power, arguing that by closing their subreddits they had become “inactive” and needed to be replaced with “active” moderators – who happened to support ending the strike.
And so some of the biggest subreddit moderators came up with another plan: rather than going silent, they would actively enforce their subreddit’s rules – but they would introduce new, very strict, rules, and put them to a vote, so they could not be accused of forcing their users to support a protest against their will.
The cute-theme focused “Aww” subreddit, for instance, held a vote on Saturday for a new rule to “only allow adorable content featuring John Oliver, Chiijohn, and anything else that closely resembles them”. It was adopted with 50,000 votes in support, and 3,000 votes against, and the more than 34 million subscribers – and their very active moderators – will continue to protest against the new charges indefinitely.
What box office and streaming video will look like by 2027: PwC expert explains forecast
Hollywood reset its streaming ambitions in 2022 with a focus on profitability instead of pure subscriber growth. And macroeconomic clouds have affected advertising trends in the media and entertainment space. Now, PwC’s annual closely watched “Global Entertainment & Media Outlook” is providing latest data and forecasts for these and other sectors, reports The Hollywood Reporter’s Georg Szalai.
Covering the 2023-27 period, it dives deeper into everything from cinema, “traditional TV” and streaming to music/radio/podcasts, video games/esports, print media and newer areas, such as NFTs and the metaverse.
The Hollywood Reporter talked to PwC principal CJ Bangah about key big-picture takeaways, some of the more surprising forecasts for cinema, and what’s next for advertising and streaming.
Ryan Murphy set to leave Netflix for Disney
Ryan Murphy will depart Netflix at the end of his five-year, nine-figure overall deal and is set to make a new home at Disney, reports The Hollywood Reporter’s Rick Porter.
The producer behind hits including Monster: The Jeffrey Dahmer Story, 911 and American Horror Story will reunite with Dana Walden, who worked with Murphy when she headed what was then 20th Century Fox TV and he had a deal there. Walden is now co-chairman of Disney Entertainment.
Disney declined comment.
Murphy left 20th in 2018 for a $300 million deal at Netflix, becoming — along with Shonda Rhimes — one of the biggest producers to sign with the streamer. The past year has been the most fruitful of the deal, with Dahmer and The Watcher, both of which he co-created with longtime collaborator Ian Brennan, becoming breakout hits for the streamer.
News Brands
‘B stands for broadcasting’: Minister seeks answers on ABC job cuts
Communications Minister Michelle Rowland has declared the “‘B’ in ABC stands for broadcasting” after demanding a briefing from the public broadcaster, which cut people from its TV news teams in favour of more digital reporters, in response to shifting audiences, reports Nine Publishing’s Sam Buckingham-Jones.
After the ABC announced 120 redundancies including the sudden sacking of political editor Andrew Probyn last week, Rowland’s team has sought a meeting with ABC management to understand its decisions and plans. The moves drew criticism from journalists and media personalities, but others, such as ABC talent and former 7.30 host Leigh Sales, backed the need for restructuring to remain relevant.
She told a meeting of the Labor caucus at Parliament House on Tuesday morning that the ABC’s decision was “not only about money” given $6 billion in funding over the next five years was restored in the May budget.
“Ultimately, the ABC does have independence,” she said, but added “the ‘B’ in ABC stands for broadcasting”.
“It’s a very difficult time for any individual impacted by these decisions,” Rowland said, while promising to report back at the next caucus meeting on August 1
Television
Tracy Grimshaw denies rumours she’s returning to A Current Affair six months after leaving the show
Tracy Grimshaw has hit back at reports she’s set to make a return on A Current Affair, less than one year after vacating the hosting chair, reports News Corp’s
Christine Estera.
The beloved media personality left the prime time news program last November after 17 years at the helm, and was replaced by Today show anchor Ally Langdon.
However, this week Woman’s Day magazine claimed Grimshaw was staging a comeback for a “secret project” amid a few hush-hush meetings behind the scenes.
But Grimshaw has since rubbished the report, denying any “sneaky” meetings took place as she hasn’t returned to Nine’s North Sydney HQ since she left the building seven months ago.
“This is not true,” she tweeted today. “I’m not coming back to ACA, I haven’t been into the office this year, no sneaky meetings, and I’ve always said I may do something else next year, that hasn’t changed.”
Massive TV production planned for Australia cancelled due to writers’ strike
The big-budget TV series, Metropolis, which had been expected to shoot up to three seasons in Australia, has been cancelled, reports Nine Publishing’s Karl Quinn.
A reimagining of Fritz Lang’s seminal 1927 silent science-fiction classic of the same name from Mr Robot creator Sam Esmail, Metropolis was announced last April as the second booking for the new sound stage 6 at Docklands Studios Melbourne, following the Robbie Williams biopic, Better Man.
With an estimated budget of $188 million for its first eight-episode season, the Apple TV+ series had been expected to start production early this year. However, the complexity of the shoot – which was to make extensive use of the world’s largest LED virtual production array – contributed to delays.
Uncertain economic conditions have played their part, too, but one of the biggest factors in the cancellation appears to have been the fact that final shooting scripts were not ready by the time the Writers Guild of America strike began on May 2.
Typically, even final shooting scripts will undergo revision during the course of production. But under the conditions of the strike, no such revisions would be permitted.