Report: TEN executive stands down
TEN's executive chairman, Nick Falloon, has reportedly agreed to stand down as James Packer exerts regime change.
- Published by David Knox
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- Filed under News
Barely a week after he swooped on shares at Network TEN, James Packer appears to be getting his way.
The Australian reports that executive chairman, Nick Falloon, has agreed to stand down.
Falloon reportedly agreed to resign during a meeting at Packer’s Park Street offices in Sydney yesterday that was also attended by TEN director Jack Cowin.
Falloon was appointed executive chairman of TEN in 2002, but has been working in a part-time capacity in recent months. He was forced to stand down as the chief executive of PBL a year earlier after he fell out with the late Kerry Packer.
James Packer, who is pushing for board representation and changes to TEN’s multi-channel strategy, had previously been reported to be uninterested in both Falloon and CEO Grant Blackley remaining as joint executives.
A TEN spokeswoman declined to comment.
Source: The Australian
31 Responses
at last..the beginning of the end of the simpsons network…for too long the fish canners had their way with TIN and used it as a tv dumping ground. Also soon to go is the innane cooking/singing/performance/cheap Kiwi drama shows. JP knows TV as he was taught by the Master himself…the goanna…mark my words, change is coming
Thankyou all for your expert opinions. I now have a much clearer perspective on exactly what plans Mr Packer has for the Ten Network.
IMO, the respective channels (by name) will stay but if JP decides, the running of admin and market focus will shift. You have to remember this could also be a tactical investment to scuttle 7/9 private equity owners from selling on the market at a price they want i.e. Ten and ABC combined will take a greater share in 2011 than 2010 making an investor think twice for 7/9 or allow JP to get back into 7/9 at a cheaper price. A million variations could be in play from what I know.
Having sky news on Ten would compete with a ABC which steals ad revenue from Commercial FTA and sky news were never in favour of ABC having News 24 – it’s an ego/we’re the #1 thing.
As for ONE, obviously, paytv relies on sports for subscribers so nobbling ONE a bit will keep that cash cow flowing. It’s all a business game at the moment and you never know who else is waiting to get in on it but either way JP/LM have poisitioned themselves from some gain whether by takeover or short term speculation
James Packer is a di***head if he’s going to change ONE-HD with a 24 hour news channel. We already have a news channel free to air so why make changes to ONE. Packer should look to change TEN first then make changes to ELEVEN but please leave ONE-HD alone.