Television
Nine CEO cool on acquisitions after Domain sale
As The Australian’s James Madden writes, Nine’s revenue edged up two per cent to $2.67bn, but profit fell ten per cent to $194m. The standout was $1.4bn from selling Domain, with $780m heading back to shareholders via dividends.
CEO Matt Stanton played down talk of buying more media assets, saying the focus is on “organic” growth, like expanding Drive and Travel sections.
He didn’t rule out deals but stressed Nine should stick to its core strengths, with investors favouring discipline over empire-building.
Jimmy Barnes shrugs off Nine executive’s Logies posts
Jimmy Barnes says Facebook remarks that prompted Nine’s Amy McCarthy to quit as A Current Affair EP were “pretty harmless” and not his business.
The Daily Telegraph’s Zara Powell reports that McCarthy had joked during the Logies that she could “get drunk” and would “still do” the singer, sparking internal backlash.
She has since stepped down from the role and moved into Nine’s Sydney newsroom as a senior producer.
Journalism
O’Keefe and Joyce clash at Bush Summit
Things got lively at The Daily Telegraph’s Bush Summit in Wagga Wagga when ex-Nine journalist Chris O’Keefe, now with the Clean Energy Council, locked horns with Nationals MP Barnaby Joyce over the future of renewables.
The publication’s James Willis and Matthew Benns write that the 25-minute stoush zeroed in on decommissioning: who foots the bill when wind turbines and solar farms reach the end of their life.
O’Keefe insisted no project gets approved without a clear clean-up plan, while Joyce fired back that taxpayers could be left holding the bag.
Companies
Meet Andy Florance, the man taking on News Corp
In this profile piece for The Australian Financial Review, journalist Jessica Gardner casts CoStar CEO Andy Florance as the US dealmaker ready to shake up Australia’s property listings with his $3 billion Domain buy.
He insists it’s not personal with Rupert Murdoch, but admits his goal is to be number one.
Now, with Domain as his latest prize, Florance is gearing up for a head-to-head with News Corp’s REA Group – and he’s made it clear he’s in it for the long haul.
Social Media
ByteDance lifts valuation with fresh staff buyback
ByteDance, the company behind TikTok, is preparing a new share buyback for employees that values the business north of $330 billion.
As Krystal Hu, Julie Zhu and Kane Wu write in Reuters, staff will be offered $200.41 per share, a lift on the $189.90 offer made just six months ago.
The valuation surge comes as ByteDance continues to juggle US scrutiny over the future of TikTok’s American arm.
Streaming
Foxtel chief slams Penrith for resting stars ahead of finals
Foxtel CEO Patrick Delany has taken aim at Penrith’s decision to rest 16 first-graders for Thursday night’s clash with the Bulldogs, saying fans have been short-changed.
As Phil Rothfield writes in The Daily Telegraph, what was billed as a prime-time blockbuster will now see a reserve-grade Panthers side run out at Accor Stadium.
Delany acknowledged the finals are the priority for Penrith but argued the NRL should put fans first.
AI
OpenAI tightens ChatGPT safeguards after lawsuit
OpenAI says it is making changes to ChatGPT after the parents of a US teenager filed a lawsuit claiming the chatbot contributed to their son’s suicide.
As Rachel Metz details in The Australian Financial Review, the company outlined new measures in a blog post this week, timed with the legal action against both OpenAI and CEO Sam Altman.
If you or someone you know needs help call Lifeline on 13 11 14 or text 0477 131 114.
Retail
Mecca directs $110m dividend into future growth
Mecca Brands has reported revenues of $1.37 billion for 2024, with profits dipping slightly to $111 million as higher rents and wages took a bite.
But as Lauren Sams reports in The Australian Financial Review, despite that, Australia’s biggest beauty retailer paid out a hefty $110 million dividend.
The filings mark the first full look at Mecca’s wholesale and distribution operations, and they underline the brand’s dominance.
Entertainment
Chris Columbus takes swipe at HBO’s Harry Potter remake
The Hollywood Reporter’s James Hibberd writes that Harry Potter director Chris Columbus isn’t impressed with HBO’s upcoming remake, accusing it of recycling his original films.
On The Rest is Entertainment podcast, he pointed to photos of Nick Frost as Hagrid in what he says is the exact same costume his team designed.
“I thought everything was going to be different,” Columbus said. “It’s more of the same.”