All TVN staff "will be paid in excess of their entitlements when the racing channel is wound up after the NSW and Victorian shareholders of the embattled broadcaster agreed to officially dissolve the board on Thursday," according to Adam Pengilly of the SYDNEY MORNING HERALD. An agreement "was reached between the eight board members to honour above the current entitlements for TVN staff when the channel is wound up." No promises of further employment "will be made."
A date "is still yet to be determined when TVN will go off air, although it is expected to stop production at the end of the month." All creditors "will have their financial obligations met when the company is closed, with the NSW and Victorian factions to split TVN's debts before pursuing their own separate broadcast rights deals." Victoria "will pursue a more flexible approach to their rights, already fielding interest from Seven and speaking to several corporate bookmakers about their digital rights."
They are also expected "to negotiate a separate agreement with Sky, which provides both a wall-to-wall racing channel and a premium thoroughbred channel" (SMH, 1/15). In Sydney, Christian Nicolussi reported Thursday’s meeting at the TVN studios "was the first time the NSW and Victorian directors came face to face since they had traded verbal barbs after Christmas."
Australian Turf Club CEO Darren Pearce, who is a TVN director, said, "The meeting agreed to continue to work towards an amicable dissolution where the states agreed to manage their own media rights."
TVN CEO Bruce Mann said that "it would be business as usual for now as the directors continue to work through a raft of issues" (DAILY TELEGRAPH, 1/16).
