How Ignoble. Listen here as Simon Owens on Melbourne’s 3AW yesterday morning reads out a story about the Ig Nobel Awards, but misreads it several times on air as the LG Awards. Owens then goes on to comment about a typo in the story, not noticing his own mistake.
Canwest FINALLY goes bankrupt. Finally, Canadian media giant Canwest has put itself out of its misery by going into bankruptcy with debts estimated at gross $US3.8 billion. Three weeks after selling off the Ten Network, Canwest filed for protection on Tuesday.
“Entering into this agreement and implementing a court supervised and consensual recapitalisation plan represents the best alternative for the long-term interests of the (Canwest) entities, its approximately 1700 employees, suppliers, customers and other stakeholders,” the company said.
The parent Canwest Media Inc reached an agreement with senior debt-holders to provide up to $US100 million in bridge loans to minimise any disruptions in its operations over the coming 4-6 months as it reorganises. Canwest had another $US60 million in cash.
“Throughout this process, all our operations will continue uninterrupted including a strong programming line-up on Global and our specialty channels,” Canwest president Leonard Asper said in the statement. “Our business operations remain strong and our stable of media brands continue to lead their markets.”
Canwest, controlled by Winnipeg’s Asper family, has been in talks for months with creditors who are owed $US3.75 billion.
The sale of Ten helped cut that by about $US582-million in debt tied to the Australian TV network. That lifted the total value Canwest cut its overall debt to more than $US1.2 billion. Total debts will be about $US2.6 billion.
The filing affects Canwest’s Global Television Network, some of its speciality television channels and its flagship National Post newspaper. It does not impact its online businesses or its 10 other Canadian daily papers. Much of the debt can be traced to the purchase of former press baron Conrad Black’s more than 100 Canadian daily and community papers for $US3 billion.
In 2007, Canwest expanded its television businesses by partnering with a Goldman Sachs affiliate to purchase speciality television group Alliance Atlantis Communications for $US2.2 billion.
Canwest has been staggering towards this outcome since it missed a debt interest payment in March. Most analysts now agree the Asper family will lose control of Canwest, which is expected to emerge from bankruptcy as a leaner entity after assets are sold off. — Glenn Dyer
Dial O for Outrage. I think that the person with easiest job at The Daily Telegraph must be whoever gets to watch ABC comedy shows and preview DVDs until they find something that they think is controversial, then ring the Australian Families Association for a quote from an outraged spokesman. Today the target is John Safran, the show doesn’t air for another two weeks, and yet the Australian Family Association have declared it “filth”. — Pure Poison
Apprentice in free fall. The audience sank for Nine’s new business reality show The Apprentice on Monday night, falling to 657,000. Despite being shorter than the 90-minute first episode, the hour-long second instalment — in which ex-agency exec Lynton Pipkorn was fired — failed to perform in the ratings. — Mumbrella
NY Post editor sacked over monkey cartoon. Sandra Guzman was correct, if soft spoken. The New York Post editor publicly objected to an offensive cartoon in her newspaper. Her boss Rupert Murdoch objected too. But his henchmen just cast her out. After infamous Post cartoonist Sean Delonas published a panel depicting a dead monkey who wrote President Obama’s stimulus Bill, associate editor Guzman sent an email to other reporters saying “I had nothing to do with the Sean Delonas cartoon … I have raised my objections to management.” Naturally, the note went public. — Gawker
Dropping the f bomb. Does “f” still shock? Does “s” no longer do so? It’s a wonderful question for couch potatoes and TV executives to ponder. As more cable outlets ramp up production of gritty dramas filled with all manner of salty banter and sexual acrobatics — heck, even Mad Men’s Don Draper has been spotted sexually threatening a woman who stood to ruin his agency’s Utz chips account — broadcast has had to try to play the same game. Except it’s a lot tougher. — AdAge
Letterman’s sex confessions boost ratings. David Letterman’s apologies to his wife and staff for having sex with co-workers meant another big night in the ratings for the late-night talk-show host. The Nielsen Co’s overnight measurement of the nation’s 56 biggest markets netted Letterman’s Late Show on CBS a 4.2 rating — higher than anything rival NBC had in prime-time. — Yahoo News