Murdoch eyes TV bid as Australia gets ready to relax ownership rules
Sunday 17 October 2004
Rupert Murdoch's aspiration to add a television network to his Australian media portfolio has received a fillip from the country's recent election results.
The freshly re-elected right-wing government is likely to gain control of both houses of parliament and is gearing up to push through controversial reforms which will relax cross-media ownership laws.
The most likely target of Mr Murdoch's News Corporation is the Ten Network, a terrestrial TV channel. But it could make a bid for the Seven Network.
In April, Mr Murdoch said he would continue to lobby for the media ownership reforms despite his plans to shift his media empire's headquarters to the US.
David Mantell, an analyst with Loop Capital Markets in Chicago, said such an acquisition "strategically makes sense".
"It would appear to fit News Corp's dual content and distribution strategy - and increase its share of the strong advertising market in Australia," said Mr Mantell.
Mr Murdoch had previously acquired control of an earlier incarnation of Ten but had to divest his stake once he became a US citizen.
Ten's executive chairman, Nick Falloon, said this week that Canadian group CanWest, which owns 56.6 per cent of the station, would dilute its stake for the right deal. Ten had already entered talks with potential partners, he said.
Australia's communications minister, Helen Coonan, said that the government would push ahead with its media reforms, which have already been watered down once by the senate.
The government is likely to take control of the senate when the new term starts in mid-2005. But it may give priority to the full privatisation of telecom provider Telstra so that it can participate in any media rationalisation.
Another media mogul, Kerry Packer, is also expected to take advantage of the reforms and may launch a bid for newspaper group John Fairfax, publisher of The Sydney Morning Herald.
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
- 5 We have six months to save the world, says leading economist
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...