SYDNEY: Eddie McGuire, the former gameshow host elevated to ceo at Australia's Nine Network, has quit just fifteen months into the top job.
The television station's poor ratings in the face of resurgence from main rival Seven Network and his unsuccessful struggle to increase revenues have nailed Maguire's executive career, but he is to remain in front of the cameras at Nine, thanks to a A$10 million ($8.2m; €6m; £4.1m), five-year deal.
Maguire (pictured) insists the decision to step down was his alone, but speculation about his position has been rife for months [WARC News: 19-Jan-07].
Meantime, rumours are afoot about the fine print surrounding the sale by Nine's owners, Publishing and Broadcasting Ltd, of half its media assets to US private equity partner CVC Asia Pacific [WARC News: 19-Oct-07].
The transaction resulted in the creation of PBL Media, but details about a 'tag and drag' clause have reportedly been kept secret from public shareholders, who own 50% of the joint venture.
This could open the way for the whole of PBL Media to be sold without consultation with those investors.
Data sourced from Sydney Morning Herald; additional content by WARC staff
