Michael Miller on News Corp’s acquisition ambitions | Mumbrella360 video
Missed a session during Mumbrella360? Don't panic, as we'll be releasing videos from our most popular sessions during the coming months. In this video, watch News Corp’s Michael Miller describe his company's ambitions and explain his ACCC concerns. Plus, Miller delves into News Corp's influence and what would make him leave the organisation.
News Corp’s ability to collect other media companies would be restrained by the competition watchdog and shareholders with their hands in a number of pockets, the organisation’s local executive chairman, Michael Miller, contends during the following video, which was shot during Mumbrella360.
Miller admits that since the government’s media reforms passed, various companies had flirted with the prospect of buying and selling, but there would still be a number of significant barriers to News Corp’s expansion.
“At the moment there is a lot of dancing,” he says.
“[But] there are some shareholdings which are making it difficult for companies to transact.
“Particularly Bruce Gordon and WIN Group have shares across a number [of companies] that have made transactions more difficult, but I think [consolidation is] inevitable because we all survived on ad dollars a decade ago. That pie hasn’t grown – in terms of made media dollars – and the number of media competitors in the market has increased, so you are going to need to see some rationalisation.”
He also notes that the Australian Competition and Consumer Commission (ACCC) – which blocked the merger of Ooh Media and APN Outdoor on the back of competition concerns – would be another hurdle.
“We’d have an ACCC concern,” he adds.
“While the regulation has changed to enable us to, we still have a regulator we have to pass through.”
In this Mumbrella360 video, Miller is also grilled on if News Corp has too much influence, and what would ultimately make him leave the company.
