PBL Defends Recent Purchases, Criticizes Current Cross-Media Regulations

Strategic Insights -

The recent purchases made by Publishing and Broadcasting Limited (PBL) have been met with criticism from the Prime Minister's office, who accused Mr. Kerry Packer of an about-face in his views on foreign ownership of media. However, Mr. Brian Powers, the managing director of PBL, maintains that the company is within its rights under the law and will continue to comply with the existing cross-media rules. PBL's position is that the current regulations are outdated and do not account for the recent incursion of foreign entities into Australian media, particularly in the pay television sector.

Key Takeaways:

  • PBL's recent purchases do not contravene the cross-media rules and are within the company's rights under the law.
  • The company will continue to comply with the existing regulations, despite criticism from the Prime Minister's office.
  • Mr. Kerry Packer has expressed his concerns about the wisdom of having cross-media laws that tie an Australian's hands while foreign entities are running rampant.
  • PBL believes the current cross-media regulations are outdated and do not account for the recent changes in the media landscape, including the advent of pay television.
  • Foreign entities have gained significant control over Australian media assets, including Channel 7, Channel 10, Fairfax, and two of the three main pay TV groups, Australis and News-Telecom.
  • PBL is concerned about the future of Australian media ownership, particularly in light of the planned acquisition of Fairfax by a foreign-controlled entity.
  • Mr. Packer's comments were aimed at bringing attention to the need for updated cross-media regulations that take into account the changing media landscape.

Statistics:

  • Since 1991, Australia has seen de facto control of Channel 7, Channel 10, and Fairfax pass to foreign entities.
  • Two of the three main pay TV groups in Australia - Australis and News-Telecom - are also controlled by foreign entities.
  • A foreign entity (News Ltd) will soon control the country's largest newspaper group and be the largest shareholder in one of the three commercial television networks.
  • Fairfax is reportedly set to become a major shareholder in a 24-hour news channel, further increasing foreign control over Australian media.

Sources:

  • Statement by Mr. Brian Powers, managing director of PBL
  • Comments by Mr. Kerry Packer
  • Report on Channel 7, Channel 10, and Fairfax ownership
  • Report on Australis and News-Telecom pay TV ownership
  • Australian media landscape report