Prime merges key assets to set up new digital strategy

24Apr08

Destra lost $900,000 through the collapse of stockbroker Opes Prime,
while Mr Carosa’s shareholding in the company was slashed. Prime, the
Seven Network’s regional TV affiliate, said Mr Gordon would conduct a
strategic review of Destra.

PMG chief executive Warwick Syphers was the only Destra director to
survive the boardroom cull. He said Prime would stick with
advertising-based models rather than pay-per-view but planned to expand
its ability to develop digital brand-funded content.

"The challenge for us is to integrate this suite of online assets,
which are in disparate corporate structures at the moment," Mr Syphers
said.

"PMG has iPrime. Destra controls its various properties, and Becker, which we control, has Moonlight TV.

"Some kind of Prime digital media strategy will emerge."

Media veteran Sam Chisholm said he had worked with MrGordon in a
variety of roles, including bringing radio broadcaster Alan Jones
across from 2UE to 2GB. "David Gordon is a very astute lawyer and an
experienced dealmaker," according to MrChisholm.

Several digital media executives said iPrime appeared confused, and
the group was unlikely to roll out the 200 community websites following
the Canberra model launched last year. Sites for Wollongong and
Tamworth were due to have been launched by early 2008.

But Mr Syphers said the rollout was on schedule and the strategy on track.

He said out-of-home digital media company Prime Digital Media – in
which PMG has a 40 per cent stake – was unlikely to be included in the
integrated strategy.

Last year Prime took a 76 per cent shareholding in entertainment group Becker.

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