Melbourne billionaire Alex Waislitz is pushing for media law changes to ease restrictions on takeovers.Credit:Luis Ascui
"A lot of people will lose their jobs,and a lot of facilities will be shut down,"Mr Waislitz said during a Thorney investor day in Melbourne on Wednesday."Media companies will continue to struggle as they have in the last few years."
ACM has already begun"aggressively paying down debt",Mr Catalano said in a presentation to investors,by selling four of the company's 25 acquired properties. The company has also taken the knife to the sales executive teams and managing editor ranks. Media industry sources have regularly said there is little doubt the publisher,which owns about 135 websites and 9 print centres across the country,would be under pressure in a tight advertising market.
Mr Waistliz said red tape needed to be lifted to allow for a"historical change"in the way regional newsrooms work,emphasising the need for greater pooling of facilities and resources.
"The government should adapt the media laws to allow for that in order to give integrity,sustainability and viability for local,regional and rural media,"he said.
We will have communities living in the dark. The industry needs to consolidate.
Antony Catalano
His business partner Antony Catalano argued it was"critically important"for the government to allow media mergers in regional areas,which were currently governed by rules that were"20 years behind technology".
"Without it,we will have communities living in the dark,"he said."The industry needs to consolidate."