Australian investment house breaches media ownership laws
By Leah McBride Mensching, Friday 23 November 2007 at 16:14 :: Media Ownership :: #897 :: rss
Following a 21-month investigation, Australia's media watchdog has learned the country's foremost investment house, Macquarie Bank, breached media ownership laws when it became the top player in regional radio broadcasting, The Australian reported Thursday.
The Australian Communications and Media Authority found Macquarie and seven of its subsidiaries guilty of breaching media ownership rules in relation to the financing of five radio stations owned by Stuart Simson's Elmie Investments.
The ACMA named 25 bank directors and associated companies in its report, including Macquarie Bank Ltd. Chairman David Clarke and Chief Executive Allan Moss, Macquarie Media Group former Chairman Tim Hughes and former Managing Director Alex Harvey, as well as the operational head of Macquarie Regional Radioworks, Rhys Holleran, The Australian reported.
Macquarie Bank and its subsidiaries were in position to control more than two radio licenses in five markets (Bendigo-Maryborough, Bunbury, Cairns, Mackay and Mildura) between Sept. 5, 2005 and May 8, 2006. At that time, a deed of trust was altered to remove its voting interest in Elmie Investments.
In the report, ACMA stated that Elmie's sale of the stations on Feb. 13 of this year has removed the need for further action. However, the AMCA is continuing its investigations, but decided no penalties were required, The Australian.
Chairman Chris Chapman told The Australian he expects the release of the detailed report to give "strong guidance" to the industry on how to approach situations such as this in the future.
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