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TVN Counter Proposal To Tabcorp

Monday, 12th September 2005

TV Wars Update: Following consideration by the TVN Board of a proposal from TABCorp in relation to outstanding issues between the parties, TVN will draft "a counter-proposal that incorporates elements of commercial benefit to TVN". TABCorp's proposal was considered by the TVN Board last week (following receipt of a report from the TVN executive team & advice from financial consultants Merrill Lynch); however the TVN Board "resolved to not accept the proposal on the grounds that it did not provide any commercial benefit to TVN". This decision was "unanimously endorsed by TVN's shareholders (all Sydney & Melbourne metropolitan racing clubs & Country Racing Victoria) at a shareholder meeting, following a presentation by TVN chairman Harold Mitchell, chief executive Peter Sweeney & Merrill Lynch. Mitchell confirmed yesterday: "After careful consideration at both Board & shareholder level, TVN has concluded the best way forward is to propose terms that deliver some benefit to TVN."

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