Step 1: PBL holds 25% of Nine after selling the rest at $5.3B approx (?) when the markets were T/O manic so we can assume that Jnr cashed out with good timing as is in his DNA it seems.
Step 2: Drain the network of talent by promoting the most unpopular and feared employee, Wescott, to the position of Director to flush out the most resiliant remaining talent until there is barely a pulse and the company is but a shell. According to todays Australian, Wescott some 2 months ago considered 'the news department as being full of overpaid dead wood and in need of a shake-up'.... you got the job Westy!
Step 3: Consequence - Nine flops at the ratings and advertising rates plummet and so does the much needed revenue for CVC to service its debt. Ouch!!
Step 4: Some time in the future, Jnr makes an offer to buy it back for a fraction just like Snr did with Bondy all those years ago and says ''you only get one CVC in a life time". The talent is re-employed on more favourable contracts,,,
GAME OVER! Mission impossible accomplished.
PBL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
