Prime Television Limited

Infobox_Company
company_name = Prime Television Limited
company_
company_type = Public asx|PRT
foundation = 1989
location = Canberra, Australia
key_people = Warwick Syphers, CEO
Paul Ramsay, Chairman
products = Prime Television
Golden West Network (GWN)
industry = Television network
Radio broadcasting
revenue = profit $207 million AUD (2006)
num_employees = 512 (2005) [http://www.ibisworld.com.au/alliance/seek/default.asp?page=enterprise&enterprise_id=7228]
homepage = [http://www.primetv.com.au/ www.primetv.com.au]

Prime Television Limited is an Australian-based media corporation, owner of regional television network Prime Television in eastern Australia, the Golden West Network in regional Western Australia, and a number of radio stations in Queensland.

History

Prime Television Limited began life in 1970, when mineral explorer Altarama Minerals was incorporated and listed on the Australian Stock Exchange. Following its movement into the automotive industry, the business changed its name to Altarama Ltd in 1973.

Paul Ramsay gained control of Altarama in 1985, subsequently renaming it once again to Ramcorp Ltd. As part of a diversification into television, advertising, and healthcare, Ramcorp bought regional television stations CBN-8 Orange, CWN-6 Dubbo, AMV-4 Albury, and RVN-2 Wagga Wagga in 1987. Soon after, the stations began to be known collectively as The Prime Network.

In the lead-up to television aggregation, Ramcorp signed a 10-year programming affiliation agreement with the Seven Network - the start of a close relationship between the two networks. In 1991 the business changed its name to Prime Television Limited, reflecting its new nature as a television broadcaster in regional Victoria and New South Wales.

Throughout the early 1990s, Ramcorp had incurred significant debts as a result of loans taken out throughout the 1980s in order to expand the company - Ramcorp's healthcare and media interests in Australia and the United States failed to turn a proft, resulting in falling share prices for the business. By 1993, Prime Television made a $7.4 million profit following accumulated losses of $47 million between 1989 and 1991, as well as a further $200 million expanding Prime Television's audience reach to 17%, as part of aggregation.cite web
url= http://www.austvhistory.com/prime/90s.htm
title= Prime Television 1990s
accessdate= 2007-09-15
author= Brooklyn Ross-Hulands
publisher= AusTVHistory] cite news |title=Prime Returns from the Brink |url=http://www.uow.edu.au/arts/sts/bmartin/dissent/documents/health/ramsay_early.html |work=Australian Financial Review |publisher= |date=1993-08-25 |accessdate=2007-09-15 ] cite news |title=Rehabilitated Ramsay on the Prowl |url=http://www.uow.edu.au/arts/sts/bmartin/dissent/documents/health/ramsay_early.html |work=Australian Financial Review |publisher= |date=1994-03-01 |accessdate=2007-09-15 ]

Prime expanded into Western Australia when it purchased the Golden West Network from current Seven Network owner Kerry Stokes in 1996. At the time, GWN was the monopoly commercial television network in the regional Western Australia license area, however WIN Television, Prime's competitor in parts of New South Wales and Victoria was granted a license by the Australian Broadcasting Authority a year later in 1997.Fact|date=September 2007

In the same year, Prime Television expanded internationally with the purchase of the Canal 9 television network in Argentina. Prime paid AU$224 million for the network, later renamed Azul Televisión, before selling half of its share to local media group Torneos and Competencias for an undisclosed amount. [cite news
last = Kidman | first = Matthew
title = Prime TV buys and sells in Argentina
publisher = Sydney Morning Herald
page = 27
date = 1997-12-16 ] Azul Televisión performed below expectations, largely due to a global economic crisis, and the Argentine network did not make a profit. [cite news
title = Argentina a Prime drag
publisher = Illawarra Mercury
page = 17
date = 1998-11-19 ] . Prime Television pulled out of Argentina in 2000, selling their stake for AU$108 million. [cite news
last = Schulze | first = Jane
title = Prime offloads Azul for $108m
publisher = Sydney Morning Herald
page = 27
date = 2000-03-17 ]

The network expanded further into New Zealand, with Prime Television New Zealand on 30 August 1998. In 2002, Prime New Zealand went into a joint venture with Australian company Publishing and Broadcasting Limited, owners of the Nine Network. Under the agreement, Prime Television was given access to Nine Network programs, expertise and money. In return, PBL was given the option to acquire 50% of Prime Television New Zealand in 2008. [cite news
title = Packer to boost Prime Television
publisher = The Press
page = 17
date = 2001-12-22 ] As a result, Prime Television New Zealand's ratings and profits increased significantly. Sky Television purchased Prime NZ for NZ$30 million in November 2005. [cite news
last = Vaughan | first = Gareth
title = Sky Network looking to acquire Prime NZ
publisher = The Press
page = E.4
date = 2005-11-19 ]

For the 2007 Australian federal election, Prime's online division iPrime launched [http://federalelection.com.au federalelection.com.au] , produced from Prime Television's Canberra headquarters in partnership with Roy Morgan. [cite web
url= http://www.federalelection.com.au/aboutus.asp
title= Prime
accessdate= 2007-09-15
publisher= [http://federalelection.com.au federalelection.com.au] ]

Assets

Television

*Prime Television
*Golden West Network
*Mildura Digital Television (50% share with WIN Corporation)

Radio

*4CA-FM Cairns
*Sea FM and Mix-FM Townsville
*4RO-AM Rockhampton
*4CC-AM Gladstone
*4MK-FM Mackay
*Hot 91 Maroochydore
*Zinc96 Noosa

Other

*Becker Entertainment
*iPrime

References

External links

* [http://www.primetv.com.au Prime Television]