Ten CEO says Nine/SCA ‘already acting as one company’

Staff Writer

Hamish McLennan, the new CEO of Network Ten, says of the potential Nine/SCA merger:

"I think the whole thing's turning into a dog's breakfast – it's almost laughable."

"It already looks like they are acting as one company."

In a released statement, McLennan also says:

“The Government’s determination to rush through the removal of the 75% audience reach rule is staggering.

All Australians have the right to know what whispers have taken place over the back fence, and what conversations have been had with the Minister for Broadband, Communications and the Digital Economy, Senator Stephen Conroy.

On March 4 this year, a statement issued by Southern Cross Media said it was ‘reviewing a number of strategic options’ and ‘the board has not, at this stage, formed a view as to any preferred option’.

It is now obvious to everyone that Southern Cross Media’s intention is to merge with Nine Entertainment Co.

But Southern Cross Media remains silent. Its shareholders have a right to know if the company’s directors are meeting their continuous disclosure obligations. Its shareholders have a right to know how detailed and advanced the discussions between Nine and Southern Cross Media are, and what has been discussed with the Government."

There is still no public confirmation that the 2 companies are holding merger talks.

It is also understood that the ASIC will not investigate SCA's recent share price activity. They have reviewed recent trading, which is usual practice when companies are linked with corporate merger and acquisition activity, but found no evidence of unusual activity.

Read more in The Australian here.

See our other articles on the possible Nine/SCA merger here and here.

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