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Prime Media Group

From Alfawiki
Prime Media Group Limited
Company typePublic
IndustryMedia
Founded1986
FounderPaul Ramsay (control acquired in 1985)
Defunct31 December 2021
FateAcquired by Seven West Media
Headquarters
Watson, Canberra
,
Australia
Area served
Regional Australia (eastern Australia and Western Australia)
Key people
Allan Hoy (founding media CEO)
ProductsRegional television networks Prime7, GWN7; datacasting channel ishop TV; joint ventures Mildura Digital Television and West Digital Television; formerly regional radio stations
ParentSeven West Media (from 31 December 2021)

Prime Media Group Limited—previously known as Prime Television Limited—was an Australian media enterprise that owned regional television networks Prime7 across eastern Australia and GWN7 in regional Western Australia. The company also held a 50% share in the datacasting channel ishop TV, co-owned with Brand Developers, as well as two equal joint ventures with WIN Corporation: Mildura Digital Television and West Digital Television. Between 2005 and 2013, Prime managed a portfolio of Queensland radio stations, which were subsequently divested to Grant Broadcasters.

The firm’s main corporate headquarters and Australian Securities Exchange registered office were located in Watson, Canberra. It maintained a secondary office at Jones Bay Wharf, Pyrmont, Sydney—the home base of the Seven Network. Prime7 operated sales offices throughout regional sub-markets and within metropolitan studios of the Seven Network in Sydney, Melbourne, Brisbane, Adelaide, and Perth.

Prime7’s national broadcast operations were centralized in Canberra, where its playout facilities (as of 2021) were shared with the hybrid-funded SBS Television at a Telstra-managed site.

On 3 January 2022, Prime Media Group Limited officially changed its name to PRT Company Limited.

Origins of Prime

Prime Television originated in 1970 under the name Altarama Minerals, initially a mineral exploration company listed on the Australian Securities Exchange. The company transitioned into automotive manufacturing and shortened its name to Altarama in 1973.

In 1985, Paul Ramsay acquired control and rebranded the business as Ramcorp, expanding its operations into television broadcasting, advertising, and healthcare sectors. Allan Hoy was appointed as the founding media CEO and spearheaded acquisitions of regional TV stations such as RVN-2 Wagga Wagga and AMV-4 Albury in 1987. These stations formed what became known as the Prime Television Network. In August 1991, Ramcorp adopted the name Prime Television.

Aggregation phase and growth

Prior to television aggregation reforms, Ramcorp secured a decade-long affiliation agreement with the Seven Network, establishing a strategic alliance. By 1991, the company had become Prime Television Limited with a focus on serving regional Victoria and New South Wales markets.

During the early 1990s, Ramcorp grappled with significant debt burdens from expansion-related loans and unprofitable ventures in healthcare and media both domestically and internationally, which led to declining share prices. By 1993, Prime returned to profitability with a $7.4 million profit following prior losses amounting to $47 million. The company invested $200 million to broaden its audience reach to approximately 17% through aggregation efforts.

In 1996, Prime expanded into Western Australia by acquiring Kerry Stokes’ Golden West Network (GWN), which had held exclusive regional market dominance until WIN Television obtained a license there in 1997.

Prime ventured into international markets in 1997 by purchasing Argentina’s Canal 9 for A$224 million; it was rebranded as Azul Televisión in 1999. Due to economic difficulties affecting performance, Prime sold half its stake to Torneos y Competencias and exited Argentina entirely in 2001 for A$108 million.

In August 1998, Prime launched Prime Television New Zealand. A joint venture formed in 2002 with Publishing & Broadcasting Limited (PBL), owner of the Nine Network, provided access to programming resources and capital infusion; PBL secured an option to acquire half ownership by 2008. This partnership enhanced ratings and profitability until Sky Television acquired Prime NZ for NZ$30 million in 2005.

Towards the end of 2005, Prime diversified into regional Queensland radio by acquiring stations from Macquarie Media Group to pursue growth opportunities. In August 2007, it further expanded by purchasing Sunshine Coast’s Zinc 96.1 and Hot 91.1 for $33.5 million. Reflecting its broader interests beyond television, the company rebranded as Prime Media Group Ltd in December 2007. However, its radio operations underperformed financially; by 2013, these assets were sold to Grant Broadcasters at a loss of $50 million.

For the 2007 Australian federal election, Prime’s digital division iPrime launched Federalelection.com.au from Canberra in collaboration with Roy Morgan Research.

The Seven Network acquired a 14.9% shareholding in Prime Media Group amid speculation about increasing its stake further. In 2009, Lachlan Murdoch purchased an 8% interest but resigned from the board in 2010 due to cross-ownership regulations connected to his ownership of Sunshine Coast’s Hot FM station.

Acquisition by Seven West Media

Seven West Media pursued the acquisition of Prime on two occasions. The initial attempt in December 2019 was unsuccessful, as shareholders Bruce Gordon and Anthony Catalano opposed the proposal despite it receiving majority endorsement. On 1 November 2021, Seven West Media relaunched its offer valued at $121.9 million. By 23 December 2021, the majority of Prime's shareholders had consented to the acquisition, which was finalized on 31 December 2021.

Television

iPrime

iPrime represented an Australian internet portal initiated by Prime Media Group, targeting areas served by Prime7 and GWN7, such as the Australian Capital Territory, regional New South Wales, Victoria, and Western Australia.

External links

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