The world’s crowned media kings are riding full charge into a liberalising Australian market. Followed by private equity capital in truckloads.
In the five weeks since the Australian Government gave the green light to greater cross-ownership of newspapers, TV and Radio - and opened the door to foreign buyers - deals worth nearly A$8.5billion have been struck.
Without doubt more will follow. James Parker sold half of his Nine Network and ACP magazines to CVC for A$4.5 billion; Kerry Stokes rolled half of his Seven Network, TV and magazine operations into a A$4 billion joint venture with KKR; and Rupert Murdoch, chairman and chief executive of News Corporation, owner of Times Online, took a A$360 million stake in newspaper group Fairfax.
That Independent News & Media’s Tony O’Reilly has shelved his A$3.8 billion buyout of APN is a short-term setback. Relaxed Ozzie media rules mean the deal will get done.