The reporter penned a column last week questioning what the poor financial performance of Network 10’s US owner, Paramount, means for the local network.
Network 10 is suing its former star political editor, Peter van Onselen, for an alleged breach of contract after he wrote a scathing column on its business prospects and management.
Sources familiar with the matter who weren’t authorised to speak publicly said the media company, owned by US entertainment giant Paramount, had asked for an injunction – or ban on certain conduct – in the NSW Supreme Court. Justice David Hammerschlag will hear the case on Monday.Credit:on May 29 took a hard look at Paramount’s plummeting share price and underperforming streaming business to question its implications for Network 10.
“The likes of Netflix, Disney and Warner are much bigger and better-established operators, doing better than Paramount [on streaming],” van Onselen wrote. “It’s so concerning that Paramount’s biggest shareholder, Warren Buffett who owns 15 per cent of the business, has intimated that he doesn’t think streaming is the future for Paramount, unless scale can be brought to bear and quickly.”Paramount’s shares are down 50 per cent this year and 85 per cent since their 2021 highs. In Australia, Network 10 – which Paramount bought out of bankruptcy – has been floundering as the third-place commercial network for years and struggling to find hit shows.
Though critical of 10 and Paramount, van Onselen’s comment bore little difference to a host of stories in the
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