Prime outlook, page-36

Interesting - i hadn't thought about the takeover vs. assets purchase angle, it's a possibility. Regarding your post below on voting thresholds (90% for TO, 75% for assets purchase), while BG may not have the absolute ability to veto the asset purchase scenario (as he would for a 90% TO threshold), i think in reality he'd be able to veto the assets purchase, too - he'd advise the board and/or minorities/other instos to reject the deal and he'd very likely get at least 10% of shares to follow him thus getting to 25% blocking required (given his ~15% existing shareholding).

As you allude to, the issue remains that SWM/7 has PRT by the balls by dint of the content agreement which expires in 18 months. Now that SWM is no longer a shareholder in PRT, the most efficient/cheapest way for SWM/7 to extract economic value from PRT is to significantly juice the % of proceeds PRT has to pay for its programming - this costs SWM/7 nothing, but would very heavily impair PRT's profitability. I don't see what other viable options PRT has with respect to other content distribution partners given the existing landscape - PRT could, of course, get a new content partner, but it'd very likely be less popular than C7 (given C7 leads national ratings) and they'd then have the issue of having to cover their fixed cost base with less viewership / advertising revenue.