WEBVTT - When TV stars - and barons - go rogue 

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<v Speaker 1>From The Australian. Here's what's on the front. I'm Claire Harvey.

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<v Speaker 1>It's Tuesday, January twenty seven, twenty twenty six. Former Liberal

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<v Speaker 1>minister Linda Reynolds has warned the producers of a controversial

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<v Speaker 1>new documentary premiering at the Sundance Film Festival that she

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<v Speaker 1>will sue them if they allege she tried to silence

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<v Speaker 1>Brittany Higgins. That's after Reynolds's successful defamation action against Higgins

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<v Speaker 1>and her husband David Scharraz. Another week, another leadership drama

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<v Speaker 1>in the Federal Liberal Party, with rivals Andrew Hasty and

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<v Speaker 1>Angus Taylor counting their supporters ahead of a potential challenge

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<v Speaker 1>to embattled leader Susan Lee. You can follow that story

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<v Speaker 1>live at the Australian dot com dot au. They were

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<v Speaker 1>once among Australia's most influential media families. Now the billionaire

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<v Speaker 1>Stokes clan wants out of Network seven altogether. But if

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<v Speaker 1>Rival nine is anything to go by, journalism takes a

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<v Speaker 1>back seat when the accountants are driving a media business.

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<v Speaker 1>Just ask nine superstar Karl Stefanovic. He's taken a huge

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<v Speaker 1>pay cut and been allowed to start his own Rival show,

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<v Speaker 1>So what's that all about today? The Australian's Media Diary

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<v Speaker 1>editor Steve Jackson is here. Steve Jackson edits The Australian's

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<v Speaker 1>Media Diary and Steve, from time to time you write

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<v Speaker 1>about the really big moves in Australian media. The one

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<v Speaker 1>that I'm very interested in for twenty twenty six is

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<v Speaker 1>the sale of seven West Media by Kerry Stokes and family.

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<v Speaker 1>Kerry Stokes is one of Australia's most interesting business people.

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<v Speaker 1>Adopted as a child, grew up in real poverty, became

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<v Speaker 1>TV repair man, ended up owning Channel seven and becoming

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<v Speaker 1>very powerful.

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<v Speaker 2>Now he's selling out.

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<v Speaker 3>Why Kerry Stokes is Channel seven, He is the man.

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<v Speaker 3>He's the driving force behind its success. When he came

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<v Speaker 3>in it was indisputably second place to nine nine. We're

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<v Speaker 3>still the one, the dominant channel. I think everyone remembers

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<v Speaker 3>the ads, but Kerry Stokes comes in, he decides I'm

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<v Speaker 3>going to change things up. He's brought in the right people,

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<v Speaker 3>famously brought across David Lecky from nine and then he

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<v Speaker 3>started building up Channel seven and low and behold over

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<v Speaker 3>the years. He really was the force behind driving its success.

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<v Speaker 3>Mainly because he believed in television.

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<v Speaker 4>Because I love what we do. I love the fact that,

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<v Speaker 4>regardless of the headaches, we produce for the Austraunian public,

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<v Speaker 4>quality news, quality sports coverage and good entertainment.

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<v Speaker 3>He might only have ever counted as one viewer for

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<v Speaker 3>Channel seven, but he was a very important viewer and

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<v Speaker 3>he actually knew what audiences wanted. And internally at seven,

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<v Speaker 3>they've always prided themselves and being the barbecue chuk network,

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<v Speaker 3>you know, the network that gets what every day Alie's like, the.

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<v Speaker 4>News from people who know what they're talking about. Seven

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<v Speaker 4>nightly news with knights at six.

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<v Speaker 3>And he's been such a huge part of that and

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<v Speaker 3>supporting it, believing in the station. He watches the channel

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<v Speaker 3>when he's away overseas on holidays, he gets tape sent

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<v Speaker 3>to him. You know, he wants to know what's on

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<v Speaker 3>air because he loves it and lives it and breathes it,

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<v Speaker 3>or at least he has up until now. What we've

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<v Speaker 3>seen is a massive change in the media environment. Mister Stokes,

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<v Speaker 3>he's going out. He's decided that after a little prolonged

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<v Speaker 3>period of upheaval, he's got other things to do with

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<v Speaker 3>his time. He wants to spend more time with his family.

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<v Speaker 3>He wants to go skiing in his cabin. He loves

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<v Speaker 3>scuba diving off Indonesia, and he's handing on the Keyst's

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<v Speaker 3>kingdom to his son Ryan. What we see with Roy

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<v Speaker 3>coming in is going, you know, we've got this massive

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<v Speaker 3>seven Group holdings. It's making billions of dollars. Unfortunately the

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<v Speaker 3>media arm contributing one percent of the profits to that,

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<v Speaker 3>if we're being kind, but causing them ninety nine percent

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<v Speaker 3>of their headaches.

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<v Speaker 4>And he's just said not interested.

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<v Speaker 3>Let's focus on Borrel, Let's focus on West Track, the

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<v Speaker 3>stuff that's making us money. The media is nice, but

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<v Speaker 3>for us, that's not the big picture anymore. They had

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<v Speaker 3>a forty percent stake in seven West Media, which includes

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<v Speaker 3>obviously Channel seven but also the West Australian newspaper and

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<v Speaker 3>a number of online entities.

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<v Speaker 4>But they said all right, let's move away from that.

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<v Speaker 3>There's been a merge with Southern Cross Austeria, which is

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<v Speaker 3>obviously a massive radio network, has triple am Hit Networks,

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<v Speaker 3>and their shareholding has come down to twenty percent. But

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<v Speaker 3>now I'm hearing they don't even want that twenty percent.

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<v Speaker 3>And Ryan Stokes has instructed the incoming chair of Seven

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<v Speaker 3>Group Holdings.

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<v Speaker 4>Let's get rid of it. Let's offload it now.

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<v Speaker 3>It's not the first time that we've seen the air

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<v Speaker 3>to a major media empire.

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<v Speaker 5>Go.

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<v Speaker 4>That was Dad's thing. He loved it. For me, Me

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<v Speaker 4>not so much.

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<v Speaker 3>James Packer famously did it when he took over Nine

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<v Speaker 3>from the other Kerry that was a major media mogul.

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<v Speaker 5>In two thousand and six, James Packer sold the bulk

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<v Speaker 5>of the Nine network to a private equity group for

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<v Speaker 5>four point six billion dollars and upped his anti and

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<v Speaker 5>casinos around the world, but was hit hard by the

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<v Speaker 5>global financial crisis.

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<v Speaker 3>And look, did he get out at the right time.

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<v Speaker 3>I reckon history would say that James made the right

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<v Speaker 3>decision then, and I reckon that we'll find that from

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<v Speaker 3>a business point of view, Ryan is making the right

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<v Speaker 3>decision now. As we all know, media is the game

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<v Speaker 3>that you're getting into just to make money these days,

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<v Speaker 3>probably not. There are other things that make heap more money,

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<v Speaker 3>as obviously Ryan Stokes knows. But meat has always been

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<v Speaker 3>about more than that. It's about influence, it's about passion

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<v Speaker 3>for journalism, and sometimes those things that drive the media

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<v Speaker 3>organization sending someone at great expense, a crew at great

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<v Speaker 3>expense to a war zone that doesn't make money. It's

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<v Speaker 3>a social responsibility that you feel as media proprietor. So

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<v Speaker 3>from a business point of view, if you don't love

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<v Speaker 3>the media, you don't really want to be in it.

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<v Speaker 3>There are easy ways in the world to make a buck.

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<v Speaker 1>Yeah, to be a tycoon, you probably have to really

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<v Speaker 1>enjoy the combat and that's something that Kerry Packer absolutely

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<v Speaker 1>did love.

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<v Speaker 2>He loved going into battle with politicians.

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<v Speaker 1>Kerry Stokes probably too, although there's one issue that Kerry

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<v Speaker 1>Stokes has been very circumspect about and that's how much

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<v Speaker 1>influence he had over his network seven about one of

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<v Speaker 1>his pet topics, that is Ben Robert Smith, a former

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<v Speaker 1>Australian soldier, received the Victoria Cross, our highest medal for gallantry,

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<v Speaker 1>and was accused by nine of being a war criminal,

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<v Speaker 1>a finding that was subsequently upheld in court, despite the

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<v Speaker 1>fact that Ben Robert Smith always denied having done anything wrong.

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<v Speaker 3>Kerry Stokes has lashed out at the latest reporting of

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<v Speaker 3>allegations surrounding Australia's most decorated soldier, Ben Robert Smith.

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<v Speaker 1>Kerry Stokes always backed him to the hills, and also

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<v Speaker 1>said that he never instructed anyone at seven to cover

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<v Speaker 1>the Ben Robert Smith's story one way or the other.

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<v Speaker 1>He said the only thing he ever did was to

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<v Speaker 1>ring a news director and say that he wanted the

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<v Speaker 1>story covered fairly. He said he never rang a journalist

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<v Speaker 1>with specific instructions about that or any other story. What's

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<v Speaker 1>your sense of how much influence Kerry Stokes actually had

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<v Speaker 1>on the journalism of seven.

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<v Speaker 4>It's a good question.

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<v Speaker 3>It's not how I think he ran it, it's how

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<v Speaker 3>I know he has never and I will say this unequivocally,

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<v Speaker 3>he has never told a journalist how to cover a story.

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<v Speaker 3>He doesn't have to. That's what news bosses are for,

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<v Speaker 3>mister Stokes will say, and he is one hundred percent right.

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<v Speaker 4>He is allowed to have a view.

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<v Speaker 3>And if he tells his news director I think this,

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<v Speaker 3>his news director is capable of saying, no, you're wrong,

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<v Speaker 3>this is the way we're covering it. And with Ben

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<v Speaker 3>Robert Smith, as we've seen in that case, Channel seven

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<v Speaker 3>did despite what mister Stokes may have directed or encouraged

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<v Speaker 3>or suggested that his news network do, we did see

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<v Speaker 3>that they did. They'd actually cover that quite robustly. They

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<v Speaker 3>did play it really straight. Their news coverage didn't overly

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<v Speaker 3>or overtly support Bars, it didn't attack him either. They

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<v Speaker 3>made a really principled decision to cover it honest and fairly.

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<v Speaker 3>And I think part of that is they know, no

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<v Speaker 3>matter what anyone says, if they don't do that, News Corp.

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<v Speaker 3>Nine are quite rightly going to call them out and say, hey,

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<v Speaker 3>you're being a cheerleader. So their news coverage I don't

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<v Speaker 3>think was tainted. Were they encouraged to take Brs's side, Yes,

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<v Speaker 3>they were. Was it a directive or just a point

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<v Speaker 3>of view? Well, I'm going to leave that to you

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<v Speaker 3>and the listeners to the side.

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<v Speaker 1>So, just like a younger James Packer, Ryan Stokes just

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<v Speaker 1>can't be bothered with all the drama that comes with

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<v Speaker 1>running a media empire. Every story creates a potential headache.

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<v Speaker 1>So you'd think that getting out of seven is the

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<v Speaker 1>right thing for the Stokes family at this time, but

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<v Speaker 1>is it the right thing for the people who work

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<v Speaker 1>at seven or the viewers who love seven.

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<v Speaker 3>It's a game changing difference, right, because when you have

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<v Speaker 3>a media proprietor who believes in journalism, who loves it,

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<v Speaker 3>who wants to invest in it, even when it's not

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<v Speaker 3>the smart, economical, accountant driven decision. That's when you know

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<v Speaker 3>you've got your full backing. And as a journalist someone

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<v Speaker 3>in the trenches, you love that. The problem is when

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<v Speaker 3>you have those media proprietors who believe in the product

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<v Speaker 3>and who believe in journalism exiting the business and income

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<v Speaker 3>the accountants and the accountants take charge and it's run

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<v Speaker 3>like a bank, then you know, for a journalists you

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<v Speaker 3>lose a lot of that trust that you're going to

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<v Speaker 3>have that backing or where we're going to be encouraged

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<v Speaker 3>to push the envelope, because we've seen it with numerous

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<v Speaker 3>media companies.

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<v Speaker 4>Income the accountants.

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<v Speaker 3>They take charge outgo a lot of the stories or

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<v Speaker 3>a lot of the backing to do big hits that

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<v Speaker 3>aren't financially viable, and all of a sudden sixty minutes

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<v Speaker 3>budget it's coming down because the drive that it's got

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<v Speaker 3>to be the biggest news and current affairs show on TV,

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<v Speaker 3>no matter the cost, that's not essential anymore.

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<v Speaker 4>Now it's got to pay its way.

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<v Speaker 3>So when the accounts take charge, it's a worrying is

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<v Speaker 3>it going to change everything?

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<v Speaker 4>Well, yeah, I think it will.

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<v Speaker 1>And now, of course we see nine, which is run

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<v Speaker 1>by the accountants, looking to sell off its radio assets.

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<v Speaker 1>What does that mean for the rest of the nine group.

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<v Speaker 3>It's funny that the accountants are the ones who want

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<v Speaker 3>to sell off nine Radio, because I would suggest they're

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<v Speaker 3>the ones who've created all the headaches.

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<v Speaker 4>You've got the jurnos. They're still doing their thing as

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<v Speaker 4>best they can.

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<v Speaker 3>Their newsrooms are trunk massively, but the accounts who have

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<v Speaker 3>come in and ruined that model. What happened is nine

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<v Speaker 3>took it. I over paid a lot of money for it,

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<v Speaker 3>heaps of money, and then they've gone, you know what

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<v Speaker 3>we're going to do is we're going to get rid

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<v Speaker 3>of their entire sales team and we'll just get the

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<v Speaker 3>guys who are selling the ads on TV selling the

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<v Speaker 3>ads on nine radio.

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<v Speaker 4>Turns out, audience is very.

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<v Speaker 3>Different, and the Bowling Alley who wants their ad on

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<v Speaker 3>nine news or in married at first sight that don't

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<v Speaker 3>really care about a demographic of sixty plus who are

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<v Speaker 3>listening to nine radios two GB or three airw that audience.

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<v Speaker 3>That's the Mattress warehouse crowd, you know, or they want

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<v Speaker 3>to know about something that they can buy for their grandkids.

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<v Speaker 4>So the idea that there's going to be this.

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<v Speaker 3>Massive synergy doesn't work because there are two very distinct audiences.

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<v Speaker 3>They've come in the accounts, we're going to save all

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<v Speaker 3>this money, and all of a sudden they've killed the

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<v Speaker 3>whole business model. I caught up with Spotlights Liam Bartlett

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<v Speaker 3>in Sydney last year and we're out at a restaurant

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<v Speaker 3>and this lady's come up to me when he's inside,

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<v Speaker 3>he's ordering a pizza and a lady's come up to me.

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<v Speaker 3>Is that Liam Bartlett from sixty minutes? Because you know

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<v Speaker 3>he also had a show on nine Radio. He's doing

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<v Speaker 3>a showing Perth on six PR the morning show.

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<v Speaker 5>Nineteen minutes to midday. Have you ever been in a meeting,

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<v Speaker 5>any meeting?

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<v Speaker 3>I'm from nine Radio Sales, you know. So we're selling

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<v Speaker 3>ads in his Perth radio show. How's that going good?

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<v Speaker 4>The advertisers they love it? Well, can't get enough? Do

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<v Speaker 4>you think I could say loadin? Yeah? Sure, why not?

0:12:00.080 --> 0:12:02.200
<v Speaker 4>And he comes, oh, you know we're selling ads in

0:12:02.200 --> 0:12:04.080
<v Speaker 4>your radio show and limb, well, thank you very much.

0:12:04.160 --> 0:12:05.440
<v Speaker 4>It's very kind of you to say.

0:12:05.840 --> 0:12:08.800
<v Speaker 3>And you know, the joke being that after she leaves,

0:12:09.200 --> 0:12:11.839
<v Speaker 3>Liam hadn't been on sixty minutes or nine in radio

0:12:11.880 --> 0:12:15.600
<v Speaker 3>for two years. He's over at Channel seven at the opposition. Meanwhile,

0:12:15.640 --> 0:12:19.440
<v Speaker 3>the Integrated sales team is still pitching his ads. So

0:12:19.960 --> 0:12:23.280
<v Speaker 3>the advertisers they need someone who actually listens to the show.

0:12:23.320 --> 0:12:25.959
<v Speaker 3>And I'm hearing the same thing out of Melbourne advertisers

0:12:26.000 --> 0:12:28.480
<v Speaker 3>saying that the TV guys they're trying to sell them

0:12:28.520 --> 0:12:31.199
<v Speaker 3>ads on three W they're not even up to date

0:12:31.240 --> 0:12:33.679
<v Speaker 3>with what the shows are, who the presenters are. So

0:12:33.760 --> 0:12:36.080
<v Speaker 3>that is what they've lost when they try that synergy

0:12:36.400 --> 0:12:38.560
<v Speaker 3>and you lose that passion or connection with the product.

0:12:38.559 --> 0:12:41.320
<v Speaker 3>The advertisers they're advertising because they listen to it, they

0:12:41.360 --> 0:12:43.320
<v Speaker 3>know it, and when the person trying to flog them

0:12:43.320 --> 0:12:45.400
<v Speaker 3>an ad doesn't know what they're talking about, all of

0:12:45.400 --> 0:12:48.520
<v Speaker 3>a sudden, that confidence, that trust has lost. The accountants

0:12:48.840 --> 0:12:50.920
<v Speaker 3>sometimes by trying to save a little bit of money

0:12:51.160 --> 0:12:52.679
<v Speaker 3>end up costing him a lot of money. And that's

0:12:52.720 --> 0:12:55.559
<v Speaker 3>what we've seen in nine Radio.

0:12:57.640 --> 0:13:01.560
<v Speaker 1>Coming up, Why is nine letting its biggest star start

0:13:01.640 --> 0:13:18.040
<v Speaker 1>a rival podcast? You revealed in the Media Diary this week,

0:13:18.240 --> 0:13:22.080
<v Speaker 1>Steve that Nine's biggest star, Karl Stefanovic has created a

0:13:22.080 --> 0:13:23.720
<v Speaker 1>bit of an exit ramp for himself.

0:13:23.920 --> 0:13:26.840
<v Speaker 3>Yoday, everyone, It's Karl Sevanovic and this is the Karl

0:13:26.880 --> 0:13:31.560
<v Speaker 3>Stefanovic Show and my first guest live from a beautiful picture.

0:13:31.960 --> 0:13:33.920
<v Speaker 2>What is that exit ramp? And how's it going?

0:13:34.320 --> 0:13:37.439
<v Speaker 3>Oh my god, my phone went into meltdown this week

0:13:37.520 --> 0:13:39.839
<v Speaker 3>when the news about this broke. So there are a

0:13:39.880 --> 0:13:42.720
<v Speaker 3>couple of factors at play here. Carl, He's had twenty

0:13:42.800 --> 0:13:46.880
<v Speaker 3>years on the Today Show. Everyone at nine cannot believe

0:13:47.480 --> 0:13:50.160
<v Speaker 3>that Karl has been given permission to do his own podcast.

0:13:50.360 --> 0:13:53.040
<v Speaker 3>People at the highest levels of Nine outside the ones

0:13:53.040 --> 0:13:55.640
<v Speaker 3>who signed off on this, are going, what the heck

0:13:55.720 --> 0:13:59.440
<v Speaker 3>are we doing? We've given Carl permission to start his

0:13:59.520 --> 0:14:03.720
<v Speaker 3>own pod cast called the Carl Stefanovic Show, which they

0:14:03.760 --> 0:14:06.199
<v Speaker 3>believe is basically what the Today Show has been for

0:14:06.240 --> 0:14:08.720
<v Speaker 3>the last two decades, and he's doing it in direct

0:14:08.720 --> 0:14:12.560
<v Speaker 3>competition to his own network. But where's the sense in that?

0:14:13.000 --> 0:14:15.880
<v Speaker 3>So Carl's saying, you know, I've been held back for

0:14:16.240 --> 0:14:19.200
<v Speaker 3>two decades on nine. I haven't been able to unleash

0:14:19.240 --> 0:14:22.200
<v Speaker 3>the beast. He calls it unleashed the beast. Now I'm

0:14:22.200 --> 0:14:24.040
<v Speaker 3>going to be doing that, and everyone's going to unleash.

0:14:24.400 --> 0:14:27.800
<v Speaker 3>He's never been prevented from interviewing anyone, and then up

0:14:27.840 --> 0:14:31.720
<v Speaker 3>pops the first episode surprise surprises Pauline Hanson. I'm not

0:14:31.720 --> 0:14:33.640
<v Speaker 3>sure about you, Claire. I reckon that the list of

0:14:33.680 --> 0:14:36.760
<v Speaker 3>people who haven't interviewed Pauline Hanson over the years is

0:14:36.760 --> 0:14:38.600
<v Speaker 3>shorter than the list of people who have.

0:14:38.960 --> 0:14:42.360
<v Speaker 1>Also, Carl's trademark is always being raw and authentic and

0:14:42.400 --> 0:14:44.560
<v Speaker 1>being himself, letting it all hang out? Is it it?

0:14:44.600 --> 0:14:47.000
<v Speaker 3>That's always been his chard, and that has always been

0:14:47.040 --> 0:14:49.720
<v Speaker 3>part and pass of the great, the great sixty minute

0:14:49.760 --> 0:14:52.880
<v Speaker 3>stories he's done, and he's always done that. So to

0:14:52.920 --> 0:14:54.520
<v Speaker 3>suggest all of a sudden he's going to be doing

0:14:54.600 --> 0:14:57.120
<v Speaker 3>something different for the first time, this is going to

0:14:57.160 --> 0:15:00.320
<v Speaker 3>be the real Carl, the Carl you haven't seen drunk.

0:15:00.120 --> 0:15:01.320
<v Speaker 4>After the Logi's on air.

0:15:01.520 --> 0:15:03.400
<v Speaker 3>This is going to be the real Carl, you know,

0:15:03.520 --> 0:15:06.720
<v Speaker 3>making jokes in a slightly what are you talking about?

0:15:06.840 --> 0:15:08.680
<v Speaker 4>So nobody can wrap the head around it.

0:15:08.920 --> 0:15:11.720
<v Speaker 3>Of course, what I know, and I'm sure you might

0:15:11.760 --> 0:15:14.200
<v Speaker 3>have heard rumblings about yourself, is that his time on

0:15:14.240 --> 0:15:17.640
<v Speaker 3>Today's coming to an end. It's been two decades he's

0:15:17.680 --> 0:15:20.200
<v Speaker 3>never won. It's time for a changing of the guard.

0:15:20.320 --> 0:15:23.080
<v Speaker 3>So last year he's contract, which was you know, let's

0:15:23.120 --> 0:15:25.880
<v Speaker 3>talk and three million odd dollars, was up for a

0:15:26.000 --> 0:15:28.880
<v Speaker 3>newle and he's taken a massive haircut, and on top

0:15:28.920 --> 0:15:31.520
<v Speaker 3>of that, they've given him a one year extension. So

0:15:31.800 --> 0:15:35.400
<v Speaker 3>as part of those conversations, I'm told he said, well,

0:15:35.400 --> 0:15:38.600
<v Speaker 3>if you're gonna chop my paycheck by by about a

0:15:38.640 --> 0:15:41.720
<v Speaker 3>third and put me on a one year contract, I

0:15:41.800 --> 0:15:44.120
<v Speaker 3>want you to let me go and do a side hustle,

0:15:44.560 --> 0:15:47.920
<v Speaker 3>a separate project. Does it make sense? Not really, because

0:15:48.000 --> 0:15:49.600
<v Speaker 3>I'm sure if I said to you, look, Claire, I'm

0:15:49.640 --> 0:15:51.840
<v Speaker 3>going to work four days a week for you, but

0:15:51.920 --> 0:15:53.840
<v Speaker 3>on the fifth day, I'm going to do the really

0:15:53.840 --> 0:15:55.880
<v Speaker 3>good interviews and do it for someone else.

0:15:56.000 --> 0:15:59.320
<v Speaker 4>You can only have one master, so you know, will

0:15:59.320 --> 0:15:59.640
<v Speaker 4>it work?

0:16:00.000 --> 0:16:02.120
<v Speaker 3>I would have thought not. Good luck to him. Everyone's

0:16:02.400 --> 0:16:04.640
<v Speaker 3>entitled to try something. If you're being paid more than

0:16:04.640 --> 0:16:06.760
<v Speaker 3>two million dollars, maybe try it for your own network.

0:16:06.800 --> 0:16:08.040
<v Speaker 4>But we will see.

0:16:08.240 --> 0:16:10.800
<v Speaker 3>Obviously I've been wrong before, not often, but let's see

0:16:10.840 --> 0:16:11.680
<v Speaker 3>how this one works out.

0:16:13.240 --> 0:16:14.960
<v Speaker 2>Steve Jackson, thank you very much.

0:16:14.920 --> 0:16:17.000
<v Speaker 3>Thank you always love Beerron, Claire. I hope we can

0:16:17.000 --> 0:16:19.080
<v Speaker 3>talk against, so

0:16:22.120 --> 0:16:24.880
<v Speaker 1>You can check out all Jacko's work anytime at the

0:16:25.000 --> 0:16:26.920
<v Speaker 1>Australian dot com dot au