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Thread: Former Federal Treasurer Peter Costello To Head NINE Network

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    Default Former Federal Treasurer Peter Costello To Head NINE Network

    Former treasurer Peter Costello will lead Nine Entertainment through what the group hopes will be sweeping changes to media regulation in Australia.
    Nine, which on Thursday unveiled a 6.1 per cent drop in underlying first half profit, said the former Howard government minister will replace David Haslingden as chairman on March 1.
    "This is an exciting time of change in the media sector and NEC is now strongly positioned to take advantage of these developments," Mr Costello said in a statement.
    Mr Haslingden, who oversaw Nine's stock market float in 2013, has resigned, leaving Australia's longest serving treasurer to lead Nine through what could be a very different media landscape.
    The free-to-air networks have long called for the government to overhaul outdated rules and regulations that have come to handicap them in the fight against pay-TV and newcomers such as Netflix.
    They have urged Malcolm Turnbull's government to slash licence fees and scrap the so-called two-out-of-three ownership rule that covers terrestrial TV, radio and printed newspapers.
    "Government imposed free-to-air licence fees that historically compensated for an unrivalled access into consumers' homes are punishing our industry in an era when pretty much anyone can deliver content over the top," chief executive Hugh Marks said.
    "We are effectively paying four layers of tax - corporate, licence fees, as well as regulatory requirements around children and local content - while our new media peers in many cases pay none at all."
    Nine, Ten and Seven reported combined full year losses of nearly $3 billion in 2015, largely due to massive writedowns on assets including licences.
    "The playing field must be levelled if we are to continue to maximise our investment in local content and local jobs," Mr Marks said.
    Nine's underlying net profit for the six months to December was $78.4 million on revenues that declined 6.0 per cent on the prior corresponding period.
    That excluded the impact of the Nine Live events business, the sale of which to private equity was completed in July.
    Statutory net profit including proceeds from the sale was $320.8 million, three-and-a-half times more than $91.0 million a year earlier.
    With two thirds of a $150 million buyback completed, the company announced another $150 million buyback.
    Nine shares gained 7.5 cents, or 5.17 per cent, to $1.525.
    Nine said it expects the metropolitan free-to-air market to be flat or marginally down over the full year, with its market share dropping to about 38 per cent.
    Mr Marks called the performance a solid result in a challenging advertising market, flagging a five per cent drop in costs across the group despite broadcasting the Rugby World Cup and Ashes.
    He said Nine could work with rival networks to help consolidate costs, while expenses would fall as Nine switched attention from costly overseas programming to local content.
    FIRST HALF NINE NUMBERS
    * Net profit up to $320m from $90.98m
    * Underlying net profit down 6.1pct to $78.4m
    * Revenue down 6.0 per cent to $692.2m
    * Interim dividend 8.0 cents fully franked, up from an unfranked 4.2 cents




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    The same ex-federal treasurer that immediately after a confidential meeting with the head of the USA's federal reserve bank 'spilled the beans' to the global media and sent the world's financial markets in to a tail spin?

    That former treasurer?

    This should be good.

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    Quote Originally Posted by SpankedHam View Post
    That former treasurer?

    This should be good.
    He's 'still the one'

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    I might be missing something but other than being a Lawyer, I cant see that he has any real experience in the Business or Media sector which means he should be absolutely perfect to run the NINE network.

    Born in 1957, he became a Lawyer in his mid 20's (1977/80?) but theres no details on who he worked for or with and what he did for the next 10 years before being elected to Parliament in 1990 aged 33?
    But along with the Parliamentary Pension, what ever the position pays, I am sure he wont be on 'Struggle Street'.
    Lets hope that being a Lawyer he has negotiated a good severance package 'Just in Case'...................
    I stand unequivicably behind everything I say , I just dont ever remember saying it !!

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    This is funny as he and Packer Snr were not on good terms for most of the "coalition" years he was treasure, remember Kerry sent his attack dogs (re: Canberra News Team) after Howard and Costello in 2005 and 2006.

    I can't see what he brings to the Nine Ent Co table other than having remaining ties with political party in Canberra and with the future looking crazy (which is normal) and NINE wanting to buy and then merge Nine TV with SC TV (not all of them as some have deals with Seven West Media) and also take control of Austereo only to then sell it to the highest bidder (as we all know there is no future in FM radio) what's the point again?

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    TV is a dinosaur business so what better than putting a dinosaur in charge to milk a wage and some extra pension before declaring it extinct.

    There is just no reason to watch traditional tv anymore,they only have live sport, news and domestic reality shows, everything else is or is going to be watched somewhere else when people want to, minus the adds and the revenue.
    Once the AFL/NRL provide their own dedicated streaming channels its good night to foxtel too.

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    Like it or not, for many either FTA or Foxtel is the only way they will ever see sports and other programs because they are unable to access the Internet or the cost of Data makes it too expensive.
    Currently I am on Mobile Wireless Broadband with a Data allowance of 15GB a month that costs me $100.
    There is NO ADSL available and to date the only option to connect to the NBN with its cheaper rates is to go to the new SkyMuster Satellite system.
    I stand unequivicably behind everything I say , I just dont ever remember saying it !!

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    It's also good to know 'Former treasurer Peter Costello isn’t doing too bad, #either, pocketing $178,000 a year as a pensioner.'

    http://www.dailytelegraph.com.au/news/nsw/politicans-enjoying-generous-lifetime-pensions-agree-other-australians-should-have-their-superannuation-taxed-more/news-story/a9c450847248281f5211deed6a0cdde7


    And if I remember correctly, it is given regardless of what else they earn...unlike you and me.

    Not too bad to be getting $178.000 per year as well as what he is now going to get
    Last edited by mandc; 26-02-16 at 01:39 PM.

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    Dont forget that he may well be entitled to other 'Lurks and Perks' depending on the position he held and how long he did.
    Like ALL Hospital/Medical Expenses, no PBS for him, Travel, Secretarial etc.
    All that and $3400 a week, it must be a struggle..................

    Which I gather rather wrankled Tony Abbott as he wasnt PM long enough to qualify for the maximum allowances which both Keven Rudd and Julia Gillard did.........
    I stand unequivicably behind everything I say , I just dont ever remember saying it !!

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    Cost of data is dirt cheap,well OK you can get unlimited plans for low prices if you bundle, while I agree it's a burden expense but ut s still cheaper than Foxtel.

    If you know how you can view every round of Supercars or F1 in MPEG4 HD broadband stream quality for free or a very low price, get every game of AFL or NRL for free or a very low cost.

    Is it cheating? No as your not the person making the stream available, all your doing is going to a website and viewing whats on that that website.

    Live sport and news, the last two valuable TV content, who knew that the former Ten Management were right with ONE and the revised Ten news / current affairs road they were on before Packer on behalf of Murdoch jnr bought a slice of Ten and then started to kill them off, of course they claim it's all above board, well so is going to a website that happens to have video streaming

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    Peter Costello as head of Nine Ent co to oversee the changes to the 75% reach rule & the 2 out of 3 rule .....

    is like hiring an ex-insurance assessor to write the quotes for a smash Repair Business who then negotiates it with an insurance assessor ...... hopefully to get a better outcome for the Smash Repair Shop, because of his background knowledge in how it works ......

    He should also know how to calculate the figures & do the sums ..... & know how the Taxation Rules & other things work etc ..... too ...


    (some will tell you they don't need to know the business .... they only need to know the numbers ..... this sometimes works & sometimes doesn't)
    Last edited by OSIRUS; 26-02-16 at 08:35 PM.
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    Managing is Managing no matter what the business is and in most cases, knowledge of WHAT your managing isnt always critical but there are exceptions like a Manager of a Kentucky Fried Food Outlet was hired to Manage a Railway Station however he had no knowledge of the any of the Railway Safety Systems and he couldnt understand why the designated employee who operated the Signaling System couldnt go out and sweep the platform and do other duties between trains.
    What he didnt know was that even though a Train may not be in sight, the Signal operator oversees the Train Movement over many kilometres along with activities of those whose duties put them line side.
    This would be tantamount to a Chef leaving his kitchen half way through preparing a meal and hoping it all runs smoothly during his absence.

    So, Can Peter Costello 'Manage' the NINE NetworK ?
    In the general sense there is no reason why he cant but will he be able to judge what the Viewers, Advertisers and Shareholders want and how to meet each of their requirements and remain a viable business will be the telling point to how long he holds the position.
    I wouldnt doubt their would be some sort of Performance Criteria he has to meet or be shown the door, ex Federal Treasurer or not.

    Make a Dollar and its Champagne all round but LOOSE that Dollar and its BYE BYE Peter !!!!!!
    Last edited by gordon_s1942; 27-02-16 at 02:31 PM.
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    Quote Originally Posted by gordon_s1942 View Post
    Make a Dollar and its Champagne all round but LOOSE that Dollar and its BYE BYE Peter !!!!!!
    Agreed ...... who would have thought about Eddie McGuire for NINE CEO also .....
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    Oddly enough if it was my choice between McGuire and Costello, because of McGuire's Media experience and Football club involvement I would have chosen him as the best for Business.
    But as a 'Figure Head', then Costello would be the choice.

    I am not a great fan of McGuires and avoid hearing and seeing him when possible but bolster the Companies 'Bottom Line' and he would immediately be my BFF and I would be happy to bask in his presence along with every other back slapper and hanger on !!!
    I stand unequivicably behind everything I say , I just dont ever remember saying it !!

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    Quote Originally Posted by gordon_s1942 View Post
    Oddly enough if it was my choice between McGuire and Costello, because of McGuire's Media experience and Football club involvement I would have chosen him as the best for Business.
    But as a 'Figure Head', then Costello would be the choice.

    I am not a great fan of McGuires and avoid hearing and seeing him when possible but bolster the Companies 'Bottom Line' and he would immediately be my BFF and I would be happy to bask in his presence along with every other back slapper and hanger on !!!
    I agree with you Gordon. As wankers go Eddie is king, but he has the knowledge with media and can clone $$$.

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    In the world of the big company CEO's you often see CEO's leave one company & become a CEO of different "business" Company

    Sometimes the CEO of a bank will go and become a CEO of a rival Bank ..... or they could become a CEO of a different business all together, like Qantas, or BHP, or Coles Myer, etc etc ....

    (look at the previous positions a CEO has held next time one is appointed somewhere .......)

    The high leaders in the military sometimes get High managerial positions or CEO positions in Private companies when they leave the military etc ....


    They have proved themselves somewhere (as a CEO) & they have qualities that someone would like bring to another company ..... so their previous experience is what makes them attractive .... and they give them a go .....

    (And A lot of the High CEO's have got what it takes to manage another company & make it there ..... that's partly why they were a CEO at the previous company)

    but as Gordon says if they don't perform .... they will probably be out the door ..... (although CEO's still get massive bonuses & massive severance pay when they are being kicked out the door as well)


    I personally like to see people from the parent company promoted to CEO ..... they then have a very good understanding of everything about how the company works ....

    But I have also seen people hired off the street to do managerial position work ..... & sometimes it works & sometimes it doesn't ....
    Last edited by OSIRUS; 27-02-16 at 04:00 PM.
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    It seems if a person has a qualification of any sort (Trade or Professional) they have a better chance of being employed in a position totally removed from that qualification, simply because they have shown the ability to qualify.
    I have 2 Bro-in Laws, one a Baker, the other a Butcher and neither have worked in their trade for many years but both have had little difficulty finding employment when ever they have needed to.
    I stand unequivicably behind everything I say , I just dont ever remember saying it !!

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