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Hamish McLennan Blames Lara Bingle For Tens Massive Loss

Posted: April 9th, 2013 | Author: | Filed under: World of the News | Tags: , , , , , | Comments Off on Hamish McLennan Blames Lara Bingle For Tens Massive Loss

World of the NewsStruggling television network Ten has swung to a $243 million loss on falling revenue and large write-downs. The embattled broadcaster’s first-half loss for the six months to the end of February was well down on a $14.8 million profit in the same period a year earlier. Ten blames $304 million in one-off write-downs, including a $292 million reduction in the value of its television licences, for the bulk of the loss.

However, Ten’s new chief executive officer Hamish McLennan, who has only been in the top job for around three weeks, says poor ratings and a resultant 16 per cent fall in revenue also hurt the company. Mr McLennan singled out some of network’s significant ratings flops last year as a significant cause of the revenue slump, and says he is looking to reach out to an older audience as well as maintaining the network’s traditional youth market.

The network has slashed its television costs by almost 11 per cent over the past 12 months to $247 million, after several rounds of job cuts, with the latest coinciding with the company’s full-year results in October last year. Ten has also reduced its net debt by $262 million in the first-half after raising more money from shareholders and selling its Eye Corp outdoor advertising business, leaving it with net debt of $1.2 million at the end of February :: Read the full article »»»»


Ten Network Sells EYE Corp

Posted: July 20th, 2012 | Author: | Filed under: Media, Television, World of the News | Tags: , , , , , , | Comments Off on Ten Network Sells EYE Corp

World of the News - Ten Sells EYEAustralia’s least favourite television network – Ten Network – has announced the sale of its EYE Corp outdoor advertising business to Champ Private Equity for up to $AU145 million. The sale will proceed via Champ’s outdoor media interest Outdoor Media Operations – OMO – owner of oOh!media.

Ten will receive $120 million cash on completion of the sale, with $AU25 million deferred for three years, the full payment of which will depend on various factors. One of those factors is the price that OMO can get for EYE’s United Kingdom and US businesses, which intends to sell off immediately. Ten may also choose, or be required, to repurchase those businesses if they are not sold within an agreed timeframe.

Ten is also keeping oround $AU16 million worth of “onerous contracts”, but subcontracting the operation of them to OMO. The  Ten statement notes certain of EYE’s Australian contracts will be retained by Ten, but the operation of the relevant assets will be subcontracted to OMO. The net present value of these contracts is estimated at around $AU16 million :: Read the full article »»»»


UPDATE! World of the News, Fairfax Media Confirms Jobs Going Offshore

Posted: June 12th, 2012 | Author: | Filed under: Indeep Media, World of the News | Tags: , , , , , , , , , | Comments Off on UPDATE! World of the News, Fairfax Media Confirms Jobs Going Offshore

World of the News - Fairfax Sends Jobs OffshoreLast month we reported on that shrinking Australian media behemoth that is Fairfax Media, is apparently planning to send jobs offshore by relocating production of its regional newspapers to New Zealand.

The proposed changes will affect 66 Fairfax staffers, Media, Ethics & Arts Alliance – MEAA – said via statement today.

Fairfax said the affected staff would be offered voluntary redundancies or redeployment, however, some staff may also be forced into redundancy.

The affected newspapers include the Illawarra Mercury, Newcastle Herald and seven associated community titles including the Lake Times, Kiama Independent, Newcastle Star, Myall Coast Nota, Port Stephens Examiner and Lakes Mail. Read the full previous post.

UPDATE! FAIRFAX HAS CONFIRMED – JOBS ARE GOING OFFSHORE: Newcastle Herald and Illawarra Mercury workers have failed in their bid to stave off job losses under a plan by Fairfax Media to transfer editorial production to New Zealand.

Fairfax has confirmed a total of 41 production jobs will be axed from newspapers in the Newcastle region, including the Newcastle Herald, and 25 jobs will go from the Illawarra Mercury. It says the changes are part of moves to increase efficiency in its newsrooms.

The Media Entertainment and Arts Alliance – MEAA – asked Fairfax to continue doing the work locally through the creation of a virtual sub hub that it claimed would be more cost-efficient :: Read the full article »»»»


World of the News! Australia’s Fairfax Media Sends Jobs Offshore

Posted: May 29th, 2012 | Author: | Filed under: Indeep Media, Media, Online Media, Print Media, World of the News | Tags: , , , , , , , | 3 Comments »

World of the News - Fairfax Sends Jobs OffshoreThat shrinking Australian media behemoth that is Fairfax Media, is apparently planning to send jobs offshore by relocating production of its regional newspapers to New Zealand.

The proposed changes will affect 66 Fairfax staffers, Media, Ethics & Arts Alliance – MEAA – said via statement today.

Fairfax said the affected staff would be offered voluntary redundancies or redeployment, however, some staff may also be forced into redundancy.

The affected newspapers include the Illawarra Mercury, Newcastle Herald and seven associated community titles including the Lake Times, Kiama Independent, Newcastle Star, Myall Coast Nota, Port Stephens Examiner and Lakes Mail.

Workers were told about the plans this afternoon and Fairfax has announced the move on the papers’ websites.

Fairfax says the changes are part of a “wider company strategy to pursue operational efficiencies while strengthening the focus on audience growth and producing quality content”.

Fairfax says no reporting or photographic positions would be affected :: Read the full article »»»»


World of the News

Posted: March 1st, 2012 | Author: | Filed under: World of the News | Tags: , , , , , , , , , , , , | Comments Off on World of the News

 

World of the News - March 2012Beleaguered UK Tabloid: The Sun is of course still all over the news, ironicaly for a tabloid – for all the right reasons, bad behaviour. A British police chief has detailed allegations that journalists at Rupert Murdoch’s Sun newspaper cultivated a network of corrupt officials who received illegal payments in return for story tip-offs.

 ABC Cameraman Louie Eroglu: has won the prestigious White House News Photographers Association’s video photographer of the year award for the second year running.

The Behemoth that is Google: is overhauling its privacy policy despite opposition from various consumer and privacy advocates. In the past, data collected in the course of a web search would be kept separate from your YouTube viewing activity or your Google email usage and map queries.

The Guardian Runs “Three Little Pigs” Open Journalism Advertisement: To demonstrate how the news organization covers stories from all angles while opening up the conversation for reader engagement, The Guardian published a video advertisement today that imagines news coverage around the classic fable about the Three Little Pigs.

Dag Hammarskjöld Fund for Journalists: is currently accepting applications for their 2012 United Nations Journalism Fellowship program. The Dag Hammarskjöld Fund for Journalists has awarded fellowships to journalists since 1962. For the United Nations Journalism Fellowship, four journalists are selected and are given the opportunity to report on international affairs during the UN’s annual General Assembly.

WikiLeaks Dumping Top Secret Intelligence Emails: Whistleblowing website WikiLeaks has begun publishing more than 5 million confidential emails from Texas-based intelligence firm Stratfor. WikiLeaks says it has proof of the firm’s confidential links to large corporations, such as Bhopal’s Dow Chemical Co and Lockheed Martin, as well as government agencies, including the US Department of Homeland Security, the US Marines and the US Defence Intelligence Agency :: Read the full article »»»»