Series 376: Minutes of the meetings of directors of IATV (Australia) Pty Limited (1958- 1965), Interstate Television Holdings Pty Limited (1965-1966), 1958-1966

MLMSS 9894/Box 1991X

series

1958-1966

9593859

0.05 metres of textual material (1 volume)

ATV (Australia) Pty Ltd which was incorporated in the Australian Capital Territory on 3 October 1958, was a wholly owned subsidiary of Associated Television Corporation Ltd London. The company held interests in many Australian radio and television stations/ channels including Radio 2GB (45%) Amalgamated Television Services (15%) and Canberra Television Ltd (15%) Fairfax already held interest in these and other related companies of interest and it was natural that in 1964 when AVT decided to float its Australian interests, that Fairfax should have been invited to participate. AVT had intended that it should retain 30%, Fairfax would acquire 20% and 50% would be offered to the public.

By 26 June 1964 both Frank Packer and Rupert Murdoch offered to purchase ATV (Australia) Pty Ltd outright and the London company was disposed to accept the Packer offer. The news was conveyed to Fairfax who made a higher bid of £2,275,000. The offer included Macquarie Broadcasting Service's building in Phillip Street Sydney and a loan of £250,000 in loan monies owed by ATV (Australia) to its parent company. The purchase was settled in London on 29 June 1964.

The interests of ATV (Australia) in addition to radio and television stations were identified as follows:

ownership of Artransa Pty Ltd which mainly provided radio transcription services [its telefilm division having be sold to Amalgamated Television Services in 1969]
A controlling interest in Planned Music Sydney Pty Ltd and Planned Music Melbourne Pty Ltd who held the Muzak franchise in Australia

The purchase of ATV (Australia) was an infringement of the Broadcasting and Television Act. Fairfax offered to sell the 15% share it held in Canberra Television Ltd that it held through Federal Capital Press; to float the radio interests as a public company and advised the Postmaster General that it did not intend to retain all of the interests acquired with ATV.

The Postmaster agreed to an amendment to the Canberra Television Ltd's Articles of Association restricting the voting rights of shareholders in lieu of forfeiture by Fairfax; and was initially concerned that floating the radio interests might impact upon smaller radio stations depended upon the Macquarie Broadcasting Service for programs. Fairfax agreed to give the stations the opportunity to take up shares and eventually the government agreed.

The broadcasting interests became Macquarie Broadcasting Holdings Ltd with controlling interests in2GB; 2CA; 2WL; 2LF; 3AW and 5DN, a controlling interest in the Macquarie Network company and 49% interest in Sydney and Melbourne Muzak

Fairfax retained £1,550,000 residual interest following restructures necessary after the purchase of ATV (Australia) Pty Ltd. This was held by Interstate Television Holdings Pty Ltd. Macquarie Broadcasting Holdings Ltd acquired all the issued capital of Broadcasting Associates from Intestate Television for £1,550,000.

At a meeting of shareholders on 18 June 1965 it was resolved that the company be re-named Interstate Television Holdings Pty Limited.
Interstate Television Holdings Pty Ltd was formed by resolution of a general meeting of shareholders of Associated Television (Australia) Pty Ltd ion 18 June 1965 . The company operated several subsidiaries - Planned Music Melbourne Pty Limited; Planned Music Sydney Pty Limited; Planned Music Queensland Pty Limited; and Planned Music Western Australia Pty Limited

Annual Returns for Interstate Television Holdings Pty Limited as forwarded to the Registrar General for the years 1965 - 1970 form part of Fairfax Archives Series 414.

The volume contains the original minutes of the Board meetings and the annual and extraordinary meetings of the shareholders.

Copyright status:: In copyright
Research & study copies allowed:
Rights and Restrictions Information:: No publication without prior written approval of Fairfax Media Ltd
Please acknowledge:: Mitchell Library, State Library of New South Wales and Courtesy Fairfax Media Ltd.

Original Fairfax Series Number 79