One of the more successful lifestyle brands in Australian media is Pacific’s Home Beautiful. In simpler days it was just a monthly magazine. It still does that very well, but it also lives now on multiple platforms – as does editor-in-chief and TV judge Wendy Moore who joins us today to talk about the brand and it Cooks Co-Op initiative.

Tune in at 2.30pm today on Sky News Business (Foxtel 602).

Meanwhile a takeover for their company from a Paris-based global outdoor player was revealed overnight.

APN Outdoor chief executive James Warburton is not part of the Cannes trip – he stayed home with a number of things bubbling away here that needed his attention. One was the company’s bid for Adshel. Another was JCDecaux’s bid for APN Outdoor.

JCDecaux has submitted an indicative and non-binding proposal to acquire 100% of APN Outdoor Group Limited share capital based on its current business assets, via a scheme of arrangement, for A$6.52 per share in cash.

APN Outdoor CEO James Warburton

After listing in late 2014, APN Outdoor shares closed yesterday at $5.85. The stock peaked at over $8 nearly two years ago.

The APN Outdoor board is expected to meet on Thursday in response to the offer. The board includes non-executive chairman Doug Flynn and director Jack Matthews.

APN Outdoor primarily operates in the large-format billboard segment, as well as in the transit, rail and airport segments. Its reason for wanting to acquire Adshel was to expand into street furniture.

JCDecaux said yesterday that acquiring APN Outdoor would complement its existing out-of-home media assets in Australia, which are primarily in the street furniture segment. JCDecaux recently won the advertising rights for Yarra Trams in Melbourne and Telstra under long-term contracts.

JCDecaux entered the Australian market with the street furniture contract of Sydney before the Olympic Games in 2000 and since then has been developing a strong outdoor advertising franchise in Australia on an organic basis. Today, JCDecaux has a large portfolio of premium assets in Australia’s largest metropolitan areas that would significantly enhance APN Outdoor’s existing network.

The JCDecaux proposal is subject to due diligence, applicable regulatory approvals (e.g. Australian Competition and Consumer Commission and Foreign Investment Review Board) and other customary conditions.

JCDecaux said at this early stage no agreement has been reached between the parties, and there is no certainty that the proposal will result in any transaction.

Goldman Sachs is acting as JCDecaux’s financial advisor in relation to the proposal.

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Top photo: Jevanto Productions / Shutterstock

Michael Ebeid, CEO and Managing Director, SBS, said, “The FIFA World Cup is the absolute pinnacle of football, a sport that Australians are deeply passionate about. SBS looks forward to continuing to simulcast the games, together with Optus over the next ten days.”

After recent problems with its World Cup streaming service, Optus gave SBS four additional games to show on FTA TV as it worked on repairing its service.

Following the hiccup, Optus CEO Allen Lew apologised to all of its customers impacted by the interruptions.

He said: “I apologise unreservedly to all Australians. We should have done better, we can do better and we will do better.”

Tech guru Trevor Long’s prediction made on Twitter earlier today, before the SBS announcement was made, has come true to some extent. Long tweeted, “I hope for the Optus engineers’ sake they’ve got it worked out, but the realist in me knows that 48 hours is a very short time – so as I’ve said all week, I think the World Cup will have to stay on SBS – we find out at 4.30pm.”

In a bid to get back on the Australian fans’ good books, Optus has opened its streaming service, Optus Sport, to everyone for free until August 31.

See the new live match broadcast schedule here.

Highlights from the Walt Disney Company’s revised Fox offer:

The Walt Disney Company has announced that it has signed an amended acquisition agreement with Twenty-First Century Fox for US$38 per share in cash and stock. Disney will acquire 21st Century Fox immediately following the spinoff of the businesses comprising “New Fox” as previously announced.

Under the amended agreement, 21st Century Fox shareholders may elect to receive, for each share of 21st Century Fox common stock, $38 in either cash or shares of Disney common stock (subject to adjustment for certain tax liabilities as described in the original acquisition announcement). The overall mix of consideration paid to 21st Century Fox shareholders will be approximately 50% cash and 50% stock. The stock consideration is subject to a collar (described below under “Transaction Details”) and is expected to be tax-free to 21st Century Fox shareholders.

• 21st Century Fox’s Q3 results: Strong revenues ahead of Disney deal
• 21st Century Fox reveals leadership plans for new Fox
• Mickey, meet Homer: Disney acquires 21st Century Fox key assets

The 21st Century Fox businesses to be acquired by Disney remain the same as under the original agreement. Since the original agreement was announced, the intrinsic value of these assets has increased, notably due to tax reform and operating improvements.

“The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies, and after six months of integration planning we’re even more enthusiastic and confident in the strategic fit of the assets and the talent at Fox,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “At a time of dynamic change in the entertainment industry, the combination of Disney’s and Fox’s unparalleled collection of businesses and franchises will allow us to create more appealing high-quality content, expand our direct-to-consumer offerings and international presence, and deliver more personalised and compelling entertainment experiences to meet growing consumer demand around the world.”

The acquisition will significantly increase Disney’s international footprint and expand the content and distribution for its direct-to-consumer (DTC) offerings, which include ESPN+ for sports fans; a Disney-branded streaming video-on-demand service launching in late 2019 that will feature Disney, Pixar, Marvel and Star Wars films along with a host of exclusive original content and library titles; and its ownership stake in Hulu. As a result of the acquisition, Disney will hold a controlling stake in Hulu.

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Top photo: JpegPhotographer / Shutterstock

Twenty-First Century Fox has entered into an amended and restated merger agreement with The Walt Disney Company pursuant to which Disney has agreed to acquire for a price of US$38 per 21CF share the same businesses Disney agreed to acquire under the previously announced merger agreement between 21CF and Disney.

This price represents a significant increase over the purchase price of approximately $28 per share included in the Disney Merger Agreement when it was announced in December 2017. The amended and restated Disney Merger Agreement offers a package of consideration, flexibility and deal certainty enhancements that is superior to the proposal made by the Comcast Corporation on June 13, 2018.

Under the amended and restated Disney Merger Agreement, Disney would acquire those businesses on substantially the same terms, except that, among other things, Disney’s offer allows 21CF stockholders to elect to receive their consideration, on a value equalised basis, in the form of cash or stock, subject to 50/50 proration.

“We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry,” said Rupert Murdoch, executive chairman of 21st Century Fox. “We remain convinced that the combination of 21CF’s iconic assets, brands and franchises with Disney’s will create one of the greatest, most innovative companies in the world.”

The 21CF board, after consultation with its outside legal counsel and financial advisors, has not concluded that the unsolicited proposal it received on June 13, 2018 from Comcast could reasonably be expected to result in a “Company Superior Proposal” under the Disney Merger Agreement.

As announced on May 30, 2018, 21CF has established a record date of May 29, 2018 and a meeting date of July 10, 2018 for a special meeting of its stockholders to, among other things, consider and vote on a proposal to adopt the Disney Merger Agreement. 21CF has determined to postpone its special meeting of stockholders to a future date in order to provide stockholders the opportunity to evaluate the terms of Disney’s revised proposal and other developments to date. Once 21CF determines the new date for 21CF’s special meeting of stockholders, the date will be communicated to 21CF stockholders.

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Top photo: Bob Iger and Rupert Murdoch

By James Manning

Seven

Home and Away had a second successive audience of 695,000 after 723,000 on Monday.

House Rules continued on the farm with 806,000 after a midweek audience of 732,000 last week. Although it narrowly trailed MasterChef in metro overnights, the regional audience allows Seven to market the program as Australia’s #1 entertainment show.

Two episodes of Modern Family then did 327,000 and 207,000 followed by the second week of Splitting Up Together on 120,000.

The Front Bar screened after House Rules in AFL markets with 276,000 – and 191,000 in Melbourne.

House Rules last night

Nine

It wasn’t quite MasterChef, but A Current Affair reporter Reid Butler was cooking in a kitchen last night, giving viewers a guide to the best pots and pans to buy. The program launched though with some shocking advice bankers have been giving customers. The midweek episode did 792,000 – close to Tuesday’s 796,000.

Two episodes of Young Sheldon followed with audiences of 596,000 and 582,000.

Britain’s Got Talent then did 244,000 in Sydney and Brisbane followed by an encore screening of Talkin’ ’Bout Your Generation on 68,000, also only in those two markets.

The AFL Footy Show had a five market audience of 209,000 with 134,000 in Melbourne.

Talkin’ ‘Bout Your Generation last night

TEN

Quite liking Hamish Macdonald’s week filling in for Waleed Aly on The Project. Last night he conducted an hilarious discussion with Steve Price about plastic bags in supermarkets. It is almost as if the series has a new EP this week with some very different story mixes. Last night the show ended with a lengthy Hamish Macdonald piece on facial recognition technology. The episode did 511,000, which was down on both Monday and Tuesday.

MasterChef was in the Dandenong Ranges outside Melbourne cooking for firemen. The team challenge meant the competitors could only cook with fire in outdoor ovens. The program ranked #1 in all people and demos with an all people audience of 810,000 after 860,000 last week.

The US drama triple play followed: Instinct on 490,000, Madam Secretary on 207,000 and Hawaii Five-O on 129,000.

MasterChef last night

ABC

Catherine McGregor was the guest on Julia Zemiro’s Home Delivery with 576,000.

Gruen featured a newcomer to the panel – Nitsa Lotus from TBWA. The show had plenty of pointed comments about Optus and featured a pitch for New Zealand trying to land the 2030 FIFA World Cup. The episode was on 758,000 after 746,000 last week.

The Weekly then featured Guy Pearce with 659,000 watching after 643,000 last week.

Corey White’s Roadmap To Paradise then did 289,000.

The second season of Tonightly launched on Monday this week on ABC Comedy. (Or the last season of Tonightly as host Tom Ballard joked on Monday.) The midweek episode that also screens on the primary channel did 130,000.

SBS

The channel’s biggest audience was for its 10pm FIFA World Cup match between Portugal and Morocco with 549,000 watching.

The Russia v Egypt game at 4am Wednesday did 148,000.

The audience watching the second half of Poland v Senegal after 2am Wednesday was 79,000.