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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Prime Media Group Limited    PRT   AU000000PRT5

PRIME MEDIA GROUP LIMITED

(PRT)
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PRIME MEDIA : calls on Federal MPs to end the impasse and address media reform urgently

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09/01/2016 | 12:53am EDT
MEDIA RELEASE

Issued: Thursday 1 September 2016

PRIME MEDIA CALLS ON FEDERAL MPS TO END THE IMPASSE AND ADDRESS MEDIA REFORM URGENTLY

PRIME Media Group (ASX:PRT) today called upon all Federal members and senators to support the Government's Media Reform Bill that has been re-introduced into the Parliament today.

Chairman of PRIME Media Group, John Hartigan, said: "We have spent a number of years detailing and explaining the significant structural challenges faced by the regional television industry to many Federal members and senators. We hope that the time has come when they will finally take action."

"If these reforms are not passed, the Federal parliamentarians who chose to stand in the way of reform need to be prepared to accept the blame for less diversity, the value erosion of Australian media companies and the loss of hundreds of jobs".

"Free to air television is an important service, especially in regional Australia, where many viewers rely on us for their local advertising, news, sport and entertainment. We urge all parliamentarians to work together and consider what is in the best interests of regional Australia, which deserves a viable and vibrant media sector," Mr Hartigan said.

PRIME Media Group CEO, Ian Audsley, said: "While Australian-built media companies remain subject to pre-internet rules that are clearly well past their use-by date, international tech giants like Google and Facebook are running rampant."

"There are two big winners from years of navel gazing and inertia on media reform in this country, and they are Google and Facebook. Their upside is absolutely at the cost of all Australian media businesses," Mr Audsley said.

Mr Audsley said, "Companies like Google and Facebook are unregulated, pay no licence fees, have no Australian content obligations and no advertising restrictions."

"It is unfathomable that any member of the Federal parliament would find it acceptable that Australian media businesses continue to operate under these conditions on home soil."

--------ENDS--------

PRIME MEDIA GROUP LIMITED ABN 97 000 764 867

Suite 132, Jones Bay Wharf, 26-32 Pirrama Road, Pyrmont NSW 2009 www.primemedia.com.au

Prime Media Group Limited published this content on 01 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 September 2016 04:53:07 UTC.

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Financials
Sales 2020 161 M 107 M 107 M
Net income 2020 - - -
Net cash 2020 5,16 M 3,44 M 3,44 M
P/E ratio 2020 -
Yield 2020 -
Capitalization 36,6 M 24,3 M 24,4 M
EV / Sales 2019
EV / Sales 2020 0,20x
Nbr of Employees -
Free-Float 43,9%
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Income Statement Evolution
Consensus
 
Mean consensus SELL
Number of Analysts 1
Average target price 0,08 AUD
Last Close Price 0,10 AUD
Spread / Highest target -20,0%
Spread / Average Target -20,0%
Spread / Lowest Target -20,0%
Managers
NameTitle
Ian Craig Audsley Chief Executive Officer & Executive Director
Peter John Macourt Chairman
John Palisi Chief Financial Officer & Secretary
Ian Richard Neal Independent Non-Executive Director
Cass A. O'Connor Independent Non-Executive Director
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