10 returns $1 coin to Seven
"Spend it wisely! All the best for the end of year festivities," 10 tells Seven.
- Published by David Knox
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- Filed under News
File this one under “Only in Australia….”
In one of the more amusing exchanges of the year, 10 has sent Seven a $1 coin affixed to a letter with a bit of sticky tape.
It follows an ongoing stoush over the transmission tower joint venture TX Australia.
After 10 went into administration it triggered a clause allowing Nine and Seven to purchase their 33.3% share.
PricewaterhouseCoopers offered 3 valuation models: one that valued TEN’s share at $1, valuing the entire business at $3, and another valuing it at more than $40 million with the entire business at more than $120 million . In May a court ruled in favour of the $1.
The Age reports that Seven West Media commercial director Bruce McWilliam wrote to TXA executive chairman Paul Mullen in February, attaching a $1 coin.
“Seven tenders the enclosed amount of $1.00 as payment for its relevant proportion of Ten’s shares and, in the event that Nine does not exercise its pre-emptive right, Ten’s remaining shares,” the letter said.
“If Nine agrees to purchase its relevant proportion of Ten’s shares, please refund the $0.50.”
But on Friday 10 won an appeal, with a new valuation yet to take place.
10 general counsel Stuart Thomas wrote back to McWilliam to return his dollar coin.
“Given the judgment of the Court of Appeal on Friday dismissing Seven’s attempts to divest Ten of its TXA shareholding, it seems only fair that Seven should receive a full return of its $1.00,” he said.
“Affixed with sticky tape is a $1.00 coin. Spend it wisely! All the best for the end of year festivities.”
Priceless….
It’s understood Seven still intends to buy 10’s interest in TXA in a move that would force the broadcaster to pay for its transmission services in future.
And that may be as Scrooge as you can get at this time of year.
11 Responses
Funny thing is that the Artarmon tower was originally owned by ATN7 and TEN (the companies that owned them at the time) under a 50/50-owned Transmitters Ltd. Back in time TEN10 needed a tower, ATN7 needed a new tower, TEN invited ATN7 to do a joint venture. Seems the various receiverships over the years brought that concept undone.
Priceless, until the ATO, who now knows about this purchase transaction, wants it’s two amounts of included –10% GST. It better be on their books !.
Well I really like this new ‘sassy’ 10
I joined Tens All Access as we will loose TVHits on Fetch. It may not be worth it for many but my wife and l enjoy most of the programs on it. I can see it improving over time.
How the wealthy entertain themselves. Surprised Joe Hilderbrand didn’t personally deliver live on Studio 10 LOL
Seven should now send the $1 to Nine. All through 7’s cricket coverage, they are showing archives from nine’s cricket years. Very surprisingly with no—- ‘by courtesy of nine’ —on it, or a banner across it —‘first on nine’. as each does with all other footage. Surely it’s worth the Dollar.
The content would be owned by or under licence from Cricket Australia. Nine no longer have the rights to it.
Tell that to nine’s cameramen who stood out there for days on end, for years. It is Christmas. They could divide it up amongst themselves.
Ummmm isn’t that a salary?
10 has bigger problems more important than this;
How not to finish 4th should be top of its list, and why they feel they can charge for a streaming service that is barely worth 1/10th of the price…otherwise $1 coins may need to be hoarded.
Probably the same way all streaming services have started a service that is barely worth 1/10th of the price but they all have to start from somewhere.
Same with Stan and same with Netflix. At least there’s a free option.