Prime Media Group
Prime Media Group Limited (formerly Prime Television Limited) is an Australian-based media corporation, owner of regional television network Prime7 in eastern Australia and GWN7 in regional Western Australia. Prime Media Group's primary source of revenue is television advertising revenue, driven by its metropolitan sales teams "Seven Affiliate Sales" servicing major national advertisers.
|Traded as||ASX: PRT|
|Headquarters||Watson, Canberra (ASX registered office)|
|Ian Audsley, CEO|
John Hartigan, Chairman
Number of employees
Prime Media Group head office and ASX registered office is located in Watson, Canberra. A secondary corporate office is located at Jones Bay Wharf, Pyrmont, Sydney (which is also the Seven Network's head office).
Prime7 have sales offices located in each regional sub-market. There are also national regional sales offices at the Seven Network's metropolitan offices/studios in Sydney, Melbourne, Brisbane, Adelaide and Perth.
Prime Television Limited began life in 1970, when mineral explorer Altarama Minerals was incorporated and listed on the Australian Stock Exchange. Following its movement into the automotive industry, the business changed its name to Altarama Ltd in 1973.
Paul Ramsay gained control of Altarama in 1985, subsequently renaming it once again to Ramcorp Ltd. As part of a diversification into television, advertising, and healthcare, Ramcorp appointed Allan Hoy as founding media CEO who spearheaded the purchase of regional television stations CBN-8 Orange, CWN-6 Dubbo, AMV-4 Albury, and RVN-2 Wagga Wagga in 1987. Soon after, the stations began to be known collectively as The Prime Network.
In the lead-up to television aggregation, Ramcorp signed a 10-year programming affiliation agreement with the Seven Network – the start of a close relationship between the two networks. In 1991 the business changed its name to Prime Television Limited, reflecting its new nature as a television broadcaster in regional Victoria and New South Wales.
Throughout the early 1990s, Ramcorp had incurred significant debts as a result of loans taken out throughout the 1980s in order to expand the company – Ramcorp's healthcare and media interests in Australia and the United States failed to turn a proft, resulting in falling share prices for the business. By 1993, Prime Television made a $7.4 million profit following accumulated losses of $47 million between 1989 and 1991, as well as a further $200 million expanding Prime Television's audience reach to 17%, as part of aggregation.
Prime expanded into Western Australia when it purchased the Golden West Network from current Seven Network owner Kerry Stokes in 1996. At the time, GWN was the monopoly commercial television network in the regional Western Australia license area, however WIN Television, Prime's competitor in parts of New South Wales and Victoria was granted a license by the Australian Broadcasting Authority a year later in 1997.
In the same year, Prime Television expanded internationally with the purchase of the Canal 9 television network in Argentina. Prime paid A$224 million for the network, later renamed Azul Televisión in 1999, before selling half of its share to local media group Torneos y Competencias for an undisclosed amount. Azul Televisión performed below expectations, largely due to a global economic crisis, and the Argentine network did not make a profit. Prime Television pulled out of Argentina in 2000, selling their stake for A$108 million.
The network expanded further into New Zealand, with Prime Television New Zealand on 30 August 1998. In 2002, Prime New Zealand went into a joint venture with Australian company Publishing and Broadcasting Limited, owners of the Nine Network. Under the agreement, Prime Television was given access to Nine Network programs, expertise and money. In return, PBL was given the option to acquire 50% of Prime Television New Zealand in 2008. As a result, Prime Television New Zealand's ratings and profits increased significantly. Sky Television purchased Prime NZ for NZ$30 million in November 2005.
The Seven Network purchased 14.9% of Prime Media Group and rumours emerge of an increased stake. Recently, Lachlan Murdoch realised the potential and dominance of the Prime Media Group, taking up an 8% stake.
It was announced on 18th October 2019, that Prime Media Group and Seven West Media, would merge into one combine media company. This will see the 'PRIME' and 'GWN' name retired after 30 years (over 50 years with 'GWN') with all stations to be rebranded as Seven, meaning for the first time an Australian commercial network broadcast to over 90% of the country following the government's media reforms back in 2017
iPrime was an Australian internet portal produced by Prime Media Group Limited. The portal was deployed across regions in which Prime7 and GWN7 currently broadcast television transmissions, which include the Australian Capital Territory, regional New South Wales, regional Victoria and regional Western Australia.
- "Current details for ABN: 97 000 764 867". Business.gov.au. Australian Government. 6 December 2007. Retrieved 2 July 2011.
- "National Names Index". Australian Securities and Investments Commission. Australian Government. Retrieved 2 July 2011.
- Brooklyn Ross-Hulands. "Prime Television 1990s". AusTVHistory. Retrieved 15 September 2007.
- "Prime Returns from the Brink". Australian Financial Review. 25 August 1993. Archived from the original on 10 September 2007. Retrieved 2007-09-15.
- "Rehabilitated Ramsay on the Prowl". Australian Financial Review. 1 March 1994. Archived from the original on 10 September 2007. Retrieved 2007-09-15.
- Kidman, Matthew (16 December 1997). "Prime TV buys and sells in Argentina". Sydney Morning Herald. p. 27.
- "Argentina a Prime drag". Illawarra Mercury. 19 November 1998. p. 17.
- Schulze, Jane (17 March 2000). "Prime offloads Azul for $108m". Sydney Morning Herald. p. 27.
- "Packer to boost Prime Television". The Press. 22 December 2001. p. 17.
- Vaughan, Gareth (19 November 2005). "Sky Network looking to acquire Prime NZ". The Press. p. E.4.
- "Prime". Federalelection.com.au. Retrieved 15 September 2007.
- "Statement from Kerry Stokes Chairman of Seven Network Limited" (PDF). Sevencorporate.com.au. Retrieved 25 March 2009.
- Pendlebury, Ty (25 September 2007). "iPrime: YouTube for regional Web users". CNET. Retrieved 2 March 2013.
- "Prime Television creates hyper-local online media company, iPRIME". if.com.au. 24 September 2007. Retrieved 23 March 2013.