Paul Ramsay sells stake in Seven affiliate Prime Media
Businessman Paul Ramsay has sold his stake in Seven’s regional affiliate Prime Media in a move which will intensify debate around the anticipated wave of media consolidation.
The news came in an announcement to the ASX in which Ramsay paid tribute to Seven owner Kerry Stokes and signalled that he would remain chairman of Prime Media for now.
Ramsay said that he made the move now because he wanted to concentrate on other business and philanthropic interests and that the group had a secure future after recently signing a new affiliation agreeement which sees the group’s regional TV stations carry Seven content.
The major media owners have been lobbying the Abbott government for changes to the laws on media ownership which would put regional TV owners in play as potential acquisition targets by the major networks. Ramsay’s announcement came days after Seven boss Tim Worner reportedly said that acquiring Prime was not a priority.
One less media “mogul” to worry about…. Who’s left – Gordons, Rineharts, Stokes’, Packers, Murdochs.
Of course – they have differing levels of influence.