StW: ARN races to rescue SCA takeover as Anchorage wimps out; TV sports rights showdown; Is OpenAI going to take on Google?
Description
Welcome to Start the Week, our audio-led Monday scene-setter for the week ahead.
Today: ARN Media fights to save its Southern Cross Austereo takeover as Anchorage Capital Partners gets cold feet; a crucial week in Parliament for TV sports rights; and is Open AI about to launch its Google challenger?
Producing independent analysis of the media and marketing industry that goes beyond press releases takes time and resources. If you like what we do, you can support us by becoming a paying member. Upgrade today
Can ARN Media save its collapsing Southern Cross Austereo takeover bid?
In a series of dramatic developments over the last 24 hours, ARN Media’s takeover bid for Southern Cross Austereo appears close to collapse.
ARN’s bid partner Anchorage has been spooked by declining revenues and has pulled the plug. Instead, ARN this morning told the ASX it has come up with a new, even more complicated, plan to go it alone before relisting a new version of SCA on the stock exchange.
In today’s podcast, Unmade’s Tim Burrowes explains what happened over the weekend, why Anchorage got cold feet, and how ARN is proposing to save the deal.
We also discuss what may be another huge move by OpenAI, with reports that it will launch a competitor to Google’s search, later today.
And we preview a key week for the TV industry in Parliament, with sports rights and due prominence legislation on the agenda tomorrow.
Further reading:
* Unmade: Is the SCA takeover about to die of old age?
* ASX - ARN Media: Update on Non-Binding Indicative Proposal to Acquire SCA
* ASX - SCA: Withdrawal of Consortium’s Proposal
* Reuters: OpenAI plans to announce Google search competitor on Monday, sources say
* Australian Financial Review: Showtime! Media CEOs’ last stand with Foxtel over future of TV
* Australian Financial Review: Greg Hywood - New laws risk the end of free sports on tv
* Unmade: TV gets a win
* Unmade: Maybe for the last time, the free TV machine wins on anti-siphoning
Today’s episode features Tim Burrowes and Abe Udy
Editing was courtesy of Abe’s Audio, the people to talk to about voiceovers, sound design and podcast production.
Time to leave you to start your week. We’ll be back with more tomorrow with a special post for our paying members explaining all the issues around today’s developments in the SCA takeover battle.
Toodlepip…
Tim Burrowes
Publisher - Unmade
tim@unmade.media
This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.unmade.media/subscribe
United States
