Sep

25

Significant media history made

Filed Under Marketing Consultancy 

This morning’s editorial from Crikey sums up a significant moment for Australia media. When one considers that this is the country which spawned Pert McCord, Kerry Packer and is the country which is saturated with more media than any other and has the highest readership of magazines per capita - it’s significant indeed. The rest of the world is watching with interest and, I’m sure, traditional media owners are shuddering.

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Crikey Editorial:

What would happen if there was an auction for control of one of Australia’s most iconic media assets and no buyers turned up?

It happened this week. Control of the Ten Network passed from its owner of ten years, Can west, to … no-one. Not one media tycoon, or would-be media tycoon, or global media outfit put up their hand to buy arguably Australia’s most successful free-to-air TV network, even though the price was a meager $1.30 a share (it was over $4 four years ago). Instead, Can west’s 50.06% controlling interest is being dispersed among institutional buyers.The Ten Network auction that attracted no buyers is a watershed moment in Australian media, the moment when a thoroughbred media asset was treated by the media market like an old cart horse. Every owner of every major newspaper, TV, radio or magazine network in Australia must now confront the reality that the most astute arbiter of value of all — the marketplace — has decreed that the era of old media being a license to generate exceptional profits, or wield exceptional power, is over. O-V-A.

[thanks, Rickey]

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