Money Minute – June 27 2017 ‘Ten – A Real-Life Drama’
Ross Greenwood: Right, tell you.
Good morning to everyone!
Listen, I’ve got a great idea, and I’m not one to give away ideas easily, but for our rivals over at the 10 Network – I reckon they should do a reality show on themselves.
Now, it’s going to be cheap to make – just turn on all the cameras in the place, follow that company’s directors, the major shareholders, and the administrators around.
With a cast like this, it’ll go a hell of a lot better, I reckon, than MasterChef.
Now, there’s Ian Narev he’s the boss at the Commonwealth Bank – he plays the banker.
The Commonwealth is owed $200 million and Narev now has to decide whether to put the company into receivership – which I got to tell you, is likely to do.
There’s also Gina Rinehart – she plays the woman scorned.
She shelled out more than $200 million to buy her stake in Ten.
Now, she’s been told – like 17,000 other shareholders – it’s worth zero.
There’s Lachlan Murdoch – he plays the magician.
He seems to hold all the cards, he used to run the joint and own shares.
He guaranteed the debts but now says he won’t.
That’s why the 17,000 shareholders are copping the haircut.
Now Lachlan runs News Corp, it seems highly likely to buy the lot and perhaps at a really big discount.
There’s James Packer – he plays the friend of the magician, Lachlan Murdoch.
Now Packer has his hands full trying to get his Crown staff out of jail in China, but will he lose a lot like Gina or will his friend throw him a lifeline?
Then there’s the Wizard – Bruce Gordon, the 88 year old boss of the WIN TV regional Network.
He’s the biggest shareholder, and like Murdoch, caused the crisis by not guaranteeing the bank debt.
The wizard wants a slice of the action, or the whole thing could go up in smoke.
And finally there’s Pauline Hanson.
Hanson, I hear you say?
Yep – Big Red.
She’s the key to whether the media reforms get through the Senate which could determine who takes over at 10 and at what price, no pressure there Pauline.
You see, I’ll tell you it was a great miniseries.
Biggest Loser or Winner Takes All
But, what to call it?
The Biggest Loser, no that’s already taken – so is Winner Takes All.
Where’s the great late Reg Grundy when you’re really need him.
Dollar 75.8 US cents. Dow Jones up 14.
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