Mar 24, 2014

Media briefs: Turnbull’s good news … TV two-faces … power PRs …

The most powerful corporate affairs executives in the country, how Turnbull boosted media stocks, and other media tid-bits of the day....

Turnbull a boon for media stocks. It’s been a pretty miserable year for media companies, as far as the sharemarket is concerned. If it had not been for the efforts of Communications Minister Malcolm Turnbull in trying to boost media stocks with his comments on regulation in February, the first quarter of 2014 would have been particularly ugly.

Take Ten — for all Turnbull’s efforts to boost the share prices of media stocks (Fairfax Media and News Corp have been the biggest beneficiaries) — Ten Network investors have grown more jaundiced about the TV company chaired by Lachlan Murdoch (who shares a near 19% stake in the company with James Packer). On Friday, Ten shares closed at 27.5 cents, the low for the year and a fall of 11.3% for the week. That went unreported in all the stories this morning and at the weekend on Ten.

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