Tuesday Meeting Will Determine Channel Nine's Cricket Future
Channel Nine's "bid to remain a cricket broadcasting power is likely to be shaped at a crucial meeting" on Tuesday when major stakeholders will determine whether it slips into receivership, according to Jon Pierik of the SYDNEY MORNING HERALD. Nine Entertainment must convince its lenders to agree on a capital restructure through a debt-for-equity swap, "otherwise the network has said it will be forced to appoint administrators." Nine's ability to bid for a new broadcasting contract with Cricket Australia, "which is banking on a big increase, could be under pressure." However, a senior Nine official said that "he was confident whatever the outcome of the meeting" that Nine would "renew its cricket contract," which runs out in March. While Nine's "debt problems won't affect its cricket coverage this summer, the key issue is whether it will have the cash and contra to remain a major player in negotiations for a new contract" (SMH, 10/16).