Reports incoming Fairfax chairman Nick Falloon facing investigation over Macquarie merger
A bureaucratic bungle appears to have led to the incoming Fairfax chairman Nick Falloon being investigated by the media watchdog over a possible breach of the Broadcasting Services Act following the merger of Fairfax and Macquarie Radio networks.
The companies had to seek prior approval from the Australian Media and Communications Authority (ACMA) for its directors to temporarily breach broadcasting rules by holding more than two radio licences in Sydney, where it would control three stations.
However it appears that notice was submitted in January, almost three months before Falloon was named as the replacement for current Fairfax chairman Roger Corbett, who is stepping down in August.
Falloon was appointed to the board on March 26 and The Australian reports it is understood he has been in breach of the Broadcasting Services Act from March 31, when the merger was completed.
I just checked ASIC records. They show he is a director of FAIRFAX MEDIA, from 26 March. He is definitely a director.
Can someone get on to ASIC and see if you can be a director, then do a 180 and declare you are not a director because your directorlship was “subject to regulatory requirements” ? I thought ASIC records were gospel on the matter.
Ah Fairfax. A cluster f&#k.
Fairfax needn’t worry. ACMA’s harmless.
‘Bout as tough as a Labrador puppy in a Kleenex ad.
Not true. Those labrador puppies are much, much, tougher.