Following this mornings confirmation by Ten that legal proceedings have been launched regarding the hire of James Warburton by Ten, Seven have this afternoon issued a media release.
10 March 2011
Statement from Seven Media Group
In response to Network Ten’s statement to ASX this morning, Seven Media Group
(“Seven”) advises that in instituting proceedings, it is only seeking to uphold the notice
provisions of Mr Warburton’s employment agreement and the restraint provisions under
the Management Equity Plan which if honoured would mean that Mr Warburton could not
work for a competitor until 14 October 2012.
Seven does not think it is appropriate to comment further but is concerned that the Ten
public statement remain uncorrected.
Will Seven be able to prevent Warburton from working for Ten until October 2012? Some very well paid lawyers will be discussing that very scenario as you read this. Seven are known for committing to long-term legal proceedings, so it’s a safe bet that they’ll be giving it the ol’ college try.
UPDATE: The Australian are reporting that Warburton was offered a chief executive’s role at Seven Media Group by Kerry Stokes four days before defecting to Ten Network Holdings.
Get Crikey FREE to your inbox every weekday morning with the Crikey Worm.