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Prime Media Group Limited
FormerlyRamcorp
Prime Television
ASX:PRT
IndustryMedia
Founded1986;38 years ago(1986)
FounderPaul Ramsay
Defunct31 December 2021;2 years ago(31 December 2021)
FateAcquired bySeven West Media
Headquarters
Canberra
,
Australia
Key people
Ian Audsley (CEO)
ProductsTelevision
Revenue$179 million (2021)
$37 million (2021)
$20 million (2021)
SubsidiariesPrime7
GWN7
Mildura Digital Television(50%)
West Digital Television(50%)
ishop TV(50%)
Websitewww.primemedia.com.au

Prime Media Group Limited(formerlyPrime Television Limited) was anAustralian-based media corporation that formerly owned regional television networkPrime7in eastern Australia andGWN7in regionalWestern Australia.It also ownedishop TV,adatacastingchannel, co-owned by Brand Developers and two joint ventures with theWIN Corporation,Mildura Digital Television,andWest Digital Television,and also owned a network of radio stations inQueenslandfrom 2005 until 2013, when they were sold toGrant Broadcasters.

Prime Media Group head office andAustralian Securities Exchangeregistered office was located inWatson, Canberra.A secondary corporate office was located at Jones Bay Wharf,Pyrmont, Sydney(which was also theSeven Network's head office).

Prime7 had sales offices located in each regional sub-market. There were also regional sales offices at the Seven Network's metropolitan offices/studios inSydney,Melbourne,Brisbane,AdelaideandPerth.

Prime7's national broadcast facility was located inCanberra,with playout facilities (as of 2021) shared with hybrid-funded broadcasterSBS Televisionat a facility operated byTelstra.

Prime Media Group Limited was renamed PRT Company Limited on 3 January 2022.[1][2]

History

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Foundation of Prime

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Prime Television began life in 1970, whenmineral explorerAltarama Minerals was incorporated and listed on theAustralian Securities Exchange.Following its movement into the automotive industry, the business changed its name to Altarama in 1973.

Paul Ramsaygained 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 stationsRVN-2Wagga Wagga,AMV-4Albury,CWN-6Dubbo,CBN-8Orange,ECN-8TareeandNEN-9Tamworthin 1987.[3][4]Soon after, the stations began to be known collectively as thePrime Television Network.[5]In August 1991 Ramcorp was renamed Prime Television.

Aggregation and expansion

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In the lead-up totelevision aggregation,Ramcorp signed a 10-year programming affiliation agreement with theSeven 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 regionalVictoriaandNew 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.[6][7][8]

Prime expanded intoWestern Australiawhen it purchased theGolden West Networkfrom Seven Network ownerKerry Stokesin 1996.[6]At the time, GWN was the monopoly commercial television network in the regional Western Australia license area, howeverWIN Television,Prime's competitor in parts of New South Wales and Victoria was granted a license by theAustralian Broadcasting Authoritya year later in 1997.[citation needed]

In the same year, Prime Television expanded internationally with the purchase of theCanal 9television network in Argentina. Prime paidA$224 million for the network, later renamedAzul Televisiónin 1999,[6]before selling half of its share to local media groupTorneos y Competenciasfor an undisclosed amount.[9]Azul Televisión performed below expectations, largely due to a global economic crisis, and the Argentine network did not make a profit.[10]Prime Television pulled out of Argentina in 2001, selling its stake forA$108 million.[11]

The network expanded further into New Zealand, withPrime Television New Zealandon 30 August 1998. In 2002, Prime New Zealand entered into ajoint venturewith Australian companyPublishing & Broadcasting Limited,owners of theNine 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.[12]As a result, Prime Television New Zealand's ratings and profits increased significantly.Sky Televisionpurchased Prime NZ forNZ$30 million in November 2005.[13]

In late 2005, the company announced its expansion into regional Queensland radio with the acquisition of stations in Cairns, Townsville, Mackay, Rockhampton, and Gladstone fromMacquarie Media Group(nowSouthern Cross Austereo). Prime chairman Paul Ramsay described the purchase as "a very good fit" which positioned its existing media for "future growth opportunities".[14][15]On 1 August 2007, Prime purchasedZinc 96.1andHot 91.1Sunshine Coast, from Rob Gamble, for $33.5 million.[16]The company was renamed to Prime Media Group Ltd on 5 December 2007 in recognition of the company's expanded interests.[1][2]But Prime's expansion into radio would ultimately be deemed a failure. In 2013, Prime's radio stations were sold to Grant Broadcasters for $50 million less than the original acquisition price.[17][18][19]

For the2007 Australian federal election,Prime's online division iPrime launched Federalelection.com.au, produced fromPrime Television's Canberra headquarters in partnership withRoy Morgan.[20]

TheSeven Networkpurchased 14.9% of Prime Media Group and rumours emerge of an increased stake. In 2009,Lachlan Murdochpurchased an 8% stake.[21]Murdoch was forced to resign as a director of Prime Media Group, in 2010, because of cross-ownership rules related to the company owning91.1 Hot FMon theSunshine Coast, Queensland,despite being a member of the Prime board at the time.[22]

Acquisition by Seven West Media

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Seven made two attempts to purchase Prime. In December 2019, its first acquisition attempt failed after Prime shareholdersBruce Gordonand Anthony Catalano voted down, despite majority of shareholders voting in favour of the transaction;[23]on 1 November 2021, Seven made its second attempt for $121.9 million.[24][25]On 23 December 2021, majority of Prime's shareholders voted in favour of the takeover which took effect on 31 December 2021.[26][27][28]

Assets

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Television

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iPrime

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iPrime was an Australianinternet portalproduced by Prime Media Group.[29]The portal was deployed across regions in whichPrime7andGWN7currentlybroadcast television transmissions,which include theAustralian Capital Territory,regionalNew South Wales,regionalVictoriaand regionalWestern Australia.[30]

References

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  1. ^ab"ASIC Organisation and Business Names Register, PRT Company Limited ACN 000 764 867".Retrieved10 November2023.
  2. ^ab"Historical details for ABN 97 000 764 867".ABN Lookup.Australian Business Register. November 2014.Retrieved17 November2023.
  3. ^Haigh, Gideon (9 October 1987)."Ramcorp creates 4th TV network".The Canberra Times.Vol. 62, no. 18, 997. Australian Capital Territory. p. 13.Retrieved11 November2023– via National Library of Australia.
  4. ^"Media restructure".The Canberra Times.Vol. 62, no. 19, 030. Australian Capital Territory. 11 November 1987. p. 28.Retrieved11 November2023– via National Library of Australia.
  5. ^"Qintex stations sold to Ramcorp".The Canberra Times.Vol. 63, no. 19, 489. Australian Capital Territory. 15 February 1989. p. 15.Retrieved11 November2023– via National Library of Australia.
  6. ^abcBrooklyn Ross-Hulands."Prime Television 1990s".AusTVHistory. Archived fromthe originalon 2 January 2008.Retrieved15 September2007.
  7. ^"Prime Returns from the Brink".The Australian Financial Review.25 August 1993. Archived fromthe originalon 10 September 2007.Retrieved15 September2007.
  8. ^"Rehabilitated Ramsay on the Prowl".The Australian Financial Review.1 March 1994. Archived fromthe originalon 10 September 2007.Retrieved15 September2007.
  9. ^Kidman, Matthew (16 December 1997). "Prime TV buys and sells in Argentina".The Sydney Morning Herald.Sydney:Fairfax Media.p. 27.ProQuest363450289.
  10. ^"Argentina a Prime drag".Illawarra Mercury.Wollongong:Rural Press.19 November 1998. p. 17.ProQuest364245689.
  11. ^Schulze, Jane (17 March 2000). "Prime offloads Azul for $108m".The Sydney Morning Herald.Sydney:Fairfax Media.p. 27.ProQuest363678724.
  12. ^"Packer to boost Prime Television".The Press.Christchurch.22 December 2001. p. 17.ProQuest314457739.
  13. ^Vaughan, Gareth (19 November 2005). "Sky Network looking to acquire Prime NZ".The Press.Christchurch.p. E.4.ProQuest314712183.
  14. ^"Macquarie Regional Radioworks sells stations to Prime TV".RadioInfo Australia.31 August 2005.Retrieved10 November2023.
  15. ^Chalmers, Emma (1 September 2005). "TV company takes prime position on radio".The Courier-Mail.Brisbane:News Limited.p. 31.EBSCOhost200509011031271912.
  16. ^"Prime Radio network buys Zinc and Hot from Rob Gamble".RadioInfo Australia.1 August 2007.Retrieved10 November2023.
  17. ^Griffen-Foley, Bridget (2014). "Grant Family".A Companion to the Australian Media.Australian Scholarly Publishing: 196.
  18. ^Staff Writer (12 August 2013)."Prime Radio sell network to Grant Broadcasters".Radio Today.Retrieved10 November2023.
  19. ^Davidson, Darren (29 August 2013). "Seven affiliate Prime's net profit slashed after radio writedown".The Australian.News Limited.p. 27.EBSCOhost201308291027708248.
  20. ^"Prime".Federalelection.com.au. Archived fromthe originalon 2 September 2007.Retrieved15 September2007.
  21. ^"Statement from Kerry Stokes Chairman of Seven Network Limited"(PDF)(Press release).Seven Network Limited.24 March 2009. Archived fromthe original(PDF)on 12 September 2009.Retrieved25 March2009.
  22. ^"Lachlan Murdoch breaches ownership rules with Prime and DMG directorships".RadioInfo Australia.13 January 2011.Retrieved7 January2024.
  23. ^Knox, David (19 December 2019)."ACCC, AMCA will not object to Seven takeover of Prime".TV Tonight.Retrieved2 November2021.
  24. ^"Acquisition of Prime Media"(PDF)(Press release).Seven West Media.1 November 2021 – viaAustralian Securities Exchange.
  25. ^"Major media shake-up as Seven makes announcement".Seven News.Seven West Media.1 November 2021.Retrieved2 November2021.
  26. ^"Prime Media shareholders give the green light for Seven West Media merger".Seven News.Seven West Media.23 December 2021.Retrieved11 November2023.
  27. ^"Vote on acquisition of Prime Media Group"(PDF)(Press release). Seven West Media. 23 December 2021 – viaAustralian Securities Exchange.
  28. ^Banks, Andrew (23 December 2021)."Prime Media Group agrees to acquisition by Seven West Media".Mumbrella.Retrieved11 November2023.
  29. ^Pendlebury, Ty (25 September 2007)."iPrime: YouTube for regional Web users".CNET.CBS Interactive.Archived fromthe originalon 8 November 2009.Retrieved2 March2013.
  30. ^"Prime Television creates hyper-local online media company, iPRIME".if.com.au.24 September 2007. Archived fromthe originalon 3 March 2016.Retrieved23 March2013.
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