The latest easy-over interview with Nine Network Chief Executive David Gyngell was in The Australian‘s Media Section this morning. Gyngell did his usual trick of claiming that Nine and he will do something if something doesn’t happen, but you can be bet that when Nine’s new digital channel doesn’t beat the share that Ten’s OneHD network is getting (41 minutes of viewing each day and a 1% share), Gyngell won’t resign, as he claimed he would in The Australian story today.

Gyngell has money in the buyout pot at PBL Media and wouldn’t give that up: The Australian failed to point that out, nor did the article point out how Nine’s share has sunk especially in news and current affairs and across all major demos this year. Sydney has been especially tough. And seeing that PBL Media balances at the end of June, you would have thought there might have been some inquiry and mention of trading results, even a mention of Gyngell refusing to discuss them.

Gyngell claimed earlier this year that Nine would build its audience in 25 to 54s, the main age demographic for advertisers: it hasn’t. After the build given by 13 weeks of Underbelly, Nine’s share has slipped, as it has slipped in All People, in 16 to 39s and 18 to 49s, and sagged in Sydney. He also said Nine would get 35% of advertising. Nine won’t. His gratuitous bagging of Sky News new 6.30 pm bulletin with Jim Waley Monday to Friday was seen as sour grapes and the comments of a rather nervous man. Why give Sky news any free publicity by even criticising it, especially when it is not a competitor and operating in an entirely different market?

It was the second easy once-over interview with a PBL Media boss in The Australian in two days. Saturday, we saw Ian Law, the CEO and the bank presently gutting ACP Magazines as sales of its magazines slide remorselessly. It was also a report long on words and short on details and questions about the trading position of PBL Media, ACP magazines and The Nine Network. No mention that PBL Media has an interest holiday under the refinancing last year. Mr Law said the company was within its loan covenants and there would be another test at the end of September (as there was a year ago which triggered the refinancing).

If you have easy repayment terms for a while, not breaching loan covenants is a doddle. Such has been the collapse in revenue at PBL Media in TV and Nine (plus the NBN regional network), that Nine would have easily breached the old loan covenants this year, according to some in the finance industry.