MELBOURNE TV STATION SOLD

Press, Volume XCIX, Issue 29250, 7 July 1960, Page 17

MELBOURNE TV STATION SOLD

Consolidated Press Acquires Control (N.Z. Press Association— Copyright) MELBOURNE, July 6. The controlling interest in GTV9, one of Melbourne’s two commercial television stations, had been sold to Television Corporation, Ltd., of Sydney (TCN9), the Melbourne “Sun” said today. “It is believed that the GTV9 shares were sold for about £6 each, which means a yield of about £3,500,000,” the “Sun” said. “The sale was negotiated in Melbourne yesterday between the chairman of General Television Corporation Pty., Ltd. (GTV9). Sir Arthur Warner, and Sir Frank Packer, managing director of Consolidated Press, Ltd. (publishers of the Sydney “Daily Telegraph”) and Consolidated Press Holdings, Ltd.” The “Sun” said the sale meant that Sydney newspaper proprietor, Sir Frank Packer, would control the Melbourne station, because his companies owned a majority of TCN9 shares. “Sir Arthur Warner is managing director of Electronic Industries, Ltd.,” the “Sun” said. It is believed he sold the 62} per cent, interest held by Electronic Industries, in which Pye Company, of England, recently bought a controlling interest.” The “Sun’s” finance editor said it was believed that other offers were made but they were not disclosed.

Nestles (Aust.) Bonus Issue.—The Nestle Co. (Aust.) Ltd., confectionery maker, has made a bonus issue of 1350.000 £1 ordinary shares to ordinary shareholders. Freehold land and buildings had been revalued and the £1.168,336 surplus increased assets revaluation reserve to £1,348,517, ■ from which the bonus issue was made. The ordinary shares are privately heId.—NZP.A., Sydney, July 6.