BotD: Max counts down to launch; SCA closes in on licences sale; News Corp impresses market
Welcome to an end-of-day edition of Unmade. Today: News Corp pleases the market as it reveals its first numbers since announcing the sale of Foxtel; Streaming service Max rounds out its agency roster ahead of launch, and SCA appears to have flushed out another bidder for its regional TV licences.
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Ooh Media pushes on
Ooh Media’s recovery in share price stretched into another day on Thursday, bouncing back another 1.7% to take its market capitalisation to $638m.
Of the large and mid-tier stocks, Seven West Media had the worst of it, shedding 3%.
The Unmade Index finished the day almost flat, on 449.5 points just a fraction down on yesterday’s 449.6.
The day: News Corp impresses thanks to real estate
News Corp global numbers rise as Australian revenues dip
News Corp revealed its first financial numbers since agreeing to sell Foxtel to DAZN. Streaming stat fans would have been disappointed to see that the company has stopped sharing details of the segment since it is now considered to be a discontinued operation.
News Corp’s global quarterly revenues were up by 5% year on year, while EBITDA profits were up by an even stronger 20%, thanks in large part to a strong performance from real estate arm REA Group and cost cutting. The company’s share price rose by 6% in early trading
News Corp’s Australian revenues fell by 3% for the first half of the financial year to US$462m.
SCA closes on TV exit
Australian Digital Holdings - the local franchisee of right-wing US TV network Newsmax - is firming up as a bidder for Southern Cross Austereo’s unwanted regional TV licences. According to the Australian Financial Review, a deal could see ADH hand over $10m for the licences for Tasmania, parts of regional South Australia and Darwin.
Speculation is also growing that ADH, possibly with the support of former 2GB owner John Singleton, may try to acquire the Nine Radio network.
Seven West Media likely remains in the hunt, particularly in AFL-hungry Tasmania, where SCA carries the Seven signal.
Maximum effort
Warner Bros Discovery’s streaming service Max began to close in on launching into Australia, announcing that creative agency Special Group will be responsible for building the brand locally. It follows last month’s announcement that EssenceMediacom will be Max’s media agency.
When Max goes live, with April 11 firming as a launch date, Foxtel will lose rights to WBD’s content, including the HBO library. Foxtel and Binge subscribers will wake up to discover they can no longer watch the likes of House of the Dragon, Succession and White Lotus.
Time to leave you to your evening. We’ll be back with more soon.
Have a great night.
Toodlepip…
Tim Burrowes
Publisher - Unmade + Mumbrella
tim@unmade.media
