Bolt & Co face shake-up at MTR. Poorly performing Melbourne talkback station MTR is about to get a major overhaul — and may still be sold off altogether. MTR — whose roll call of announcers includes Steve Price, Andrew Bolt, Sam Newman and Steve Vizard — has been a ratings flop since its launch last April. The latest ratings survey shows its audience share dwindling at 1.9%, far below rival 3AW’s 16.9%.
MTR posted a loss of $6.2 million last year, according to analysis of the Macquarie Radio Network’s latest annual report in The Australian Financial Review today. MTR’s poor result contributed to the station’s total net profit falling by 4.1%. — Matthew Knott (read the full story here)
Talk of Bill Gates visit sets Sydney abuzz. Speculation is rife in Sydney property circles that Microsoft billionaire Bill Gates has secured a harbourside parcel of land for a Sydney-based summer sojourn.
Andrew Hornery of The Sydney Morning Herald’s PS column recently reported that the residents of Vaucluse couldn’t quite contain their excitement over mutterings that Gates’ people were attempting to retain a waterfront house for the ultra-geek to rent during the holiday. But while a local Microsoft spokesperson was unable to confirm — or deny — the rumour with The Power Index today, it seems a certain parcel of land on Sydney Harbour could be the giveaway. — Angela Priestley (read the full story here)
Supermarket bosses $10m apart. When Coles CEO Ian McLeod spends up his $15.63 million salary, he should spare a thought for his Woolworths rival Michael Luscombe, who took a significant hit to the back pocket this week.
The former prince of executive pay packets, Luscombe has taken a pay cut of millions of dollars after failing to secure long-term bonuses due to some slow profit growth and stiff competition from Coles. Luscombe’s total salary has petered from about $8.33 million in fiscal 2010 to $5.73 million over the past financial year. — Hilary Simmons (read the full story here)