News Broadcasting
News Corp’s Foxtel picks up 15% stake in Ten Network for $59 million
MUMBAI: Australia based Ten Network is planning to sell a 15 per cent stake in itself to Foxtel, which is half owned by Rupert Murdoch’s News Corp and Telstra Corp Ltd.
Foxtel will acquire the stake in the loss-making company for $59 million (A$77 million) at A$0.15 each, which is a 43 per cent discount to its closing price on Friday. Additionally, the company is also looking at raising another A$77 million with a rights issue.
Ten Network will utilise the new capital of up to A$154 million to reduce debt and provide additional financial flexibility. The proceeds of the capital raisings will be used initially to repay the drawn amount under the existing Commonwealth Bank of Australia (CBA) revolving cash advance facility, with any excess funds initially retained as cash. The $200 million CBA facility will continue to be available to fund Ten’s ongoing operations, which will be utilised for working capital, payment of transaction-related expenses, selected investment in content and general corporate purposes.
As a result of this deal, a Foxtel representative will join the Board of Ten, which will be reduced in size to six directors.
Additionally, the deal also includes Ten taking a 24.99 per cent stake in Foxtel’s advertising business Multi Channel Network (MCN) and the option to become a 10 per cent shareholder in Foxtel’s subscription video on-demand service Presto TV. The deal is subject to approval by various regulatory authorities.
MCN will be the ad sales representative of Ten television and digital advertising inventory and will start selling its ad inventory from 1 September, 2015.
Ten executive chairman and CEO Hamish McLennan said, “Today’s announcement represents an important milestone for Ten and the conclusion of the strategic review process initiated by the Board last year. It positions Ten to drive long-term value for shareholders. The Board believes the agreements with Foxtel and MCN will materially enhance Ten’s business and better equip it to respond to the challenges of the ever-changing media and advertising landscape. We welcome Foxtel’s proposed investment and we are confident this proposal will drive value for all of Ten’s shareholders. By joining forces with MCN, Ten will gain new efficiencies, improved data capability and provide broader integration opportunities for its advertising clients.”
“The combined sales operation will provide advertisers a new way to reach consumers across all video conTent distribution platforms. Ten’s ratings and revenue performance has materially improved this year as a result of a clear focus on our core audience of people aged 25 to 54, and a disciplined and selective investment in content. Our total prime time primary channel audience has increased 18 per cent this year,” McLennan added.
“Our Chief Sales Officer, Louise Barrett, and her team have done an outstanding job growing Ten’s revenue base, capitalising on much improved audience numbers. The advertising sales representation arrangement with MCN is a step change and will enable us to further leverage our growing audience with enhanced scale and a broader, more targeted and efficient offering,” he said.
Foxtel CEO Richard Freudenstein added, “We believe our proposed investment in Ten is a win-win for Ten and Foxtel. With Foxtel’s local knowledge and expertise, and MCN delivering synergies and improved advertiser access, we are confident that this proposal delivers a robust long term solution for a revitalised, competitive and profitable Ten.”
News Broadcasting
CNN-News18 to air live counting day coverage for five state election results on May 4
The channel is rolling out its biggest election coverage machinery yet for results day on 4th May
NOIDA: The votes have been cast. Now comes the reckoning. CNN-News18 is pulling out all the stops for results day on 4th May, when counting begins across five battleground states — West Bengal, Assam, Kerala, Tamil Nadu and the Union Territory of Puducherry — in what promises to be one of the most closely watched electoral verdicts in recent memory.
The channel’s coverage, titled Battle for the States: The Verdict, kicks off at 7am and runs through the day across linear TV, connected television and YouTube. It is the culmination of CNN-News18’s multi-format editorial initiative, Battle for the States, which has tracked the polls from the beginning under the theme Road to Power.
At the operational heart of the coverage will be the Live Results Hub, the channel’s central command centre built to collate, verify and process real-time data flowing in from reporters stationed at counting centres across constituencies. The hub combines newsroom intelligence, analytics and on-the-ground reporting to deliver what the channel promises will be the fastest and most accurate results coverage in English news.
Leading the on-air charge will be primetime anchors Rahul Shivshankar, Anand Narasimhan, Aman Sharma, Nabila Jamal and Shivani Gupta. They will be joined by a wide panel of commentators including author Chetan Bhagat; GVL Narasimha Rao, senior leader of the BJP; Smita Prakash, editor of ANI; activist Saira Shah Halim; political analyst Sumanth C Raman; Abhijit Iyer Mitra, senior fellow at IPCS; Amitabh Tiwari, founder of VoteVibe; columnist Abhijit Majumdar; Nalin Mehta, managing editor of MoneyControl; political analyst Tehseen Poonawalla; senior journalist Subir Bhaumik; and political analyst Manojit Mandal.
Shivshankar, who serves as editorial affairs director at CNN-News18, set out the stakes plainly. “Counting day is one of the most watched events in the electoral cycle, where speed and credibility are tested in real time,” he said. “Battle for the States: The Verdict is built on that promise, combining ground reporting, sharp analysis and cutting-edge election technology to give viewers the clearest and fastest route to the verdict. On May 4, CNN-News18 will once again be the nation’s most trusted channel to witness democracy in action.”
Smriti Mehra, chief executive of English and Business News at Network18, framed the coverage in broader terms. “Elections are defining national events, and audiences turn to brands they trust in moments that matter,” she said. “CNN-News18 has consistently led from the front in every election coverage, and this special programming reflects the scale of our ambition and editorial strength.”
The channel has form here. It claims to have been India’s most preferred English news destination for election results for the past 20 years, covering everything from the 2024 general elections to the Delhi, Maharashtra, Bihar and BMC polls on the back of what it calls an “Always First, Always Right” record. Five states, one day, and a nation waiting for answers. The clock starts at 7am on 4th May.
