Prime Media Group
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Formerly | Ramcorp Prime Television |
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ASX: PRT | |
Industry | Media |
Founded | 1986 |
Founder | Paul Ramsay |
Defunct | 31 December 2021 |
Fate | Acquired by Seven West Media |
Headquarters | , Australia |
Key people | Ian Audsley (CEO) |
Products | Television |
Revenue | $179 million (2021) |
$37 million (2021) | |
$20 million (2021) | |
Subsidiaries | Prime7 GWN7 Mildura Digital Television (50%) West Digital Television (50%) ishop TV (50%) |
Website | www.primemedia.com.au |
Prime Media Group Limited (formerly Prime Television Limited) was an Australian-based media corporation that formerly owned regional television network Prime7 in eastern Australia and GWN7 in regional Western Australia. It also owned ishop TV, a datacasting channel, co-owned by Brand Developers and two joint ventures with the WIN Corporation, Mildura Digital Television, and West Digital Television.
Prime Media Group head office and Australian Securities Exchange registered office was located in Watson, Canberra. A secondary corporate office was located at Jones Bay Wharf, Pyrmont, Sydney (which was also the Seven Network's head office).
Prime7 had sales offices located in each regional sub-market. There were also national regional sales offices at the Seven Network's metropolitan offices/studios in Sydney, Melbourne, Brisbane, Adelaide and Perth.
Prime7's national broadcast facility was located in Canberra, with playout facilities (as of 2021) shared with hybrid-funded broadcaster SBS Television at a facility operated by Telstra.
Prime Media Group Limited was renamed PRT Company Limited on 3 January 2022.[1]
History
Foundation of Prime
Prime Television began life in 1970, when mineral explorer Altarama Minerals was incorporated and listed on the Australian Securities Exchange. Following its movement into the automotive industry, the business changed its name to Altarama in 1973.
Paul Ramsay gained control of Altarama in 1985, subsequently renaming it once again to Ramcorp. As part of a diversification into television, advertising, and healthcare, Ramcorp appointed Allan Hoy as founding media CEO who spearheaded the purchase of regional television stations RVN-2 Wagga Wagga, AMV-4 Albury, CWN-6 Dubbo, CBN-8 Orange, ECN-8 Taree and NEN-9 Tamworth in 1987.[2][3] Soon after, the stations began to be known collectively as the Prime Television Network.[4] In August 1991 Ramcorp was renamed Prime Television.
Aggregation and expansion
In the lead-up to television aggregation, Ramcorp signed a 10-year programming affiliation agreement with the Seven Network – the start of a close relationship between the two networks. In 1991 the business changed its name to Prime Television Limited, reflecting its new nature as a television broadcaster in regional Victoria and New South Wales.
Throughout the early 1990s, Ramcorp had incurred significant debts as a result of loans taken out throughout the 1980s in order to expand the company – Ramcorp's healthcare and media interests in Australia and the United States failed to turn a profit, resulting in falling share prices for the business. By 1993, Prime Television made a $7.4 million profit following accumulated losses of $47 million between 1989 and 1991, as well as a further $200 million expanding Prime Television's audience reach to 17 per cent, as part of aggregation.[5][6][7]
Prime expanded into Western Australia when it purchased the Golden West Network from Seven Network owner Kerry Stokes in 1996.[5] At the time, GWN was the monopoly commercial television network in the regional Western Australia license area, however WIN Television, Prime's competitor in parts of New South Wales and Victoria was granted a license by the Australian Broadcasting Authority a year later in 1997.[citation needed]
In the same year, Prime Television expanded internationally with the purchase of the Canal 9 television network in Argentina. Prime paid A$224 million for the network, later renamed Azul Televisión in 1999,[5] before selling half of its share to local media group Torneos y Competencias for an undisclosed amount.[8] Azul Televisión performed below expectations, largely due to a global economic crisis, and the Argentine network did not make a profit.[9] Prime Television pulled out of Argentina in 2001, selling its stake for A$108 million.[10]
The network expanded further into New Zealand, with Prime Television New Zealand on 30 August 1998. In 2002, Prime New Zealand entered into a joint venture with Australian company Publishing & Broadcasting Limited, owners of the Nine Network. Under the agreement, Prime Television was given access to Nine Network programs, expertise and money. In return, PBL was given the option to acquire 50% of Prime Television New Zealand in 2008.[11] As a result, Prime Television New Zealand's ratings and profits increased significantly. Sky Television purchased Prime NZ for NZ$30 million in November 2005.[12]
For the 2007 Australian federal election, Prime's online division iPrime launched Federalelection.com.au, produced from Prime Television's Canberra headquarters in partnership with Roy Morgan.[13]
The Seven Network purchased 14.9% of Prime Media Group and rumours emerge of an increased stake. In 2009, Lachlan Murdoch purchased an 8% stake.[14]
Acquisition by Seven West Media
Seven made two attempts to purchase Prime. In December 2019, its first acquisition attempt failed after Prime shareholders Bruce Gordon and Anthony Catalano voted down, despite majority of shareholders voting in favour of the transaction;[15] on 1 November 2021, Seven made its second attempt for $121.9 million.[16] [17] On 23 December 2021, majority of Prime's shareholders voted in favour of the takeover which took effect on 31 December 2021.[18][19][20]
Assets
Television
- Prime7
- GWN7
- ishop TV
- Mildura Digital Television (50% share with WIN Corporation)
- West Digital Television (50% share with WIN Corporation)
iPrime
iPrime was an Australian internet portal produced by Prime Media Group.[21] The portal was deployed across regions in which Prime7 and GWN7 currently broadcast television transmissions, which include the Australian Capital Territory, regional New South Wales, regional Victoria and regional Western Australia.[22]
References
- ^ [1] ASIC Organisation and Business Names Register, PRT Company Limited ACN 000 764 867
- ^ Ramcorp creates 4th TV network Canberra Times 9 October 1987 page 13
- ^ Media restructure Canberra Times 11 November 1987 page 28
- ^ Qintex stations sold to Ramcorp Canberra Times 15 February 1989 page 15
- ^ a b c Brooklyn Ross-Hulands. "Prime Television 1990s". AusTVHistory. Retrieved 15 September 2007.
- ^ "Prime Returns from the Brink". Australian Financial Review. 25 August 1993. Archived from the original on 10 September 2007. Retrieved 2007-09-15.
- ^ "Rehabilitated Ramsay on the Prowl". Australian Financial Review. 1 March 1994. Archived from the original on 10 September 2007. Retrieved 2007-09-15.
- ^ Kidman, Matthew (16 December 1997). "Prime TV buys and sells in Argentina". Sydney Morning Herald. p. 27.
- ^ "Argentina a Prime drag". Illawarra Mercury. 19 November 1998. p. 17.
- ^ Schulze, Jane (17 March 2000). "Prime offloads Azul for $108m". Sydney Morning Herald. p. 27.
- ^ "Packer to boost Prime Television". The Press. 22 December 2001. p. 17.
- ^ Vaughan, Gareth (19 November 2005). "Sky Network looking to acquire Prime NZ". The Press. p. E.4.
- ^ "Prime". Federalelection.com.au. Retrieved 15 September 2007.
- ^ "Statement from Kerry Stokes Chairman of Seven Network Limited" (PDF). Sevencorporate.com.au. Retrieved 25 March 2009.
- ^ Knox, David (19 December 2019). "ACCC, AMCA will not object to Seven takeover of Prime | TV Tonight". tvtonight.com.au/. Retrieved 2 November 2021.
- ^ Acquisition of Prime Media Seven West Media 1 November 2021
- ^ "Major media shake-up as Seven makes announcement". 7NEWS. 1 November 2021. Retrieved 2 November 2021.
- ^ "Prime Media shareholders give the green light for Seven West Media merger". 7News. 23 December 2021.
- ^ Vote on acquisition of Prime Media Group Seven West Media 23 December 2021
- ^ Prime Media Group agrees to acquisition by Seven West Media Mumbrella 23 December 2021
- ^ Pendlebury, Ty (25 September 2007). "iPrime: YouTube for regional Web users". CNET. Retrieved 2 March 2013.
- ^ "Prime Television creates hyper-local online media company, iPRIME". if.com.au. 24 September 2007. Retrieved 23 March 2013.
External links
- Companies based in Canberra
- Companies formerly listed on the Australian Securities Exchange
- Prime Media Group
- Seven Network
- Defunct broadcasting companies of Australia
- Television broadcasting companies of Australia
- Australian companies established in 1986
- Australian companies disestablished in 2021
- Mass media companies established in 1986
- Mass media companies disestablished in 2021
- 2021 mergers and acquisitions