Me­dia boss takes aim at usual sus­pects

Mercury (Hobart) - - BUSINESS -

SEVEN West Me­dia chair Kerry Stokes has taken aim at US tech gi­ants Google and Face­book, say­ing they be­have like a gi­ant “vac­uum cleaner”, suck­ing up ad­ver­tis­ing rev­enue and send­ing it off­shore.

The me­dia tycoon called on the Fed­eral Gov­ern­ment to adopt the rec­om­men­da­tions made in a com­pe­ti­tion re­view into dig­i­tal plat­forms which would sub­ject for­eign tech com­pa­nies to the same rules as lo­cal broad­cast­ers.

Th­ese in­cluded con­tent quo­tas, ad­ver­tis­ing clas­si­fi­ca­tions and pri­vacy laws.

The Aus­tralian Com­pe­ti­tion and Con­sumer Com­mis­sion re­leased the re­sults of its dig­i­tal plat­form in­quiry this year.

“We urge the Fed­eral Gov­ern­ment to adopt all th­ese rec­om­men­da­tions, oth­er­wise the dig­i­tal plat­forms’ dis­rup­tion in the broad­cast me­dia industry will ac­cel­er­ate, to the detri­ment of con­sumers, ad­ver­tis­ers and thou­sands of Aus­tralian work­ers,” Mr Stokes said yes­ter­day.

“We are not seek­ing spe­cial favours from the gov­ern­ment but a chance to con­tinue de­liv­er­ing first-class lo­cal con­tent and news to Aus­tralians in both city and re­gional ar­eas.”

The com­ments were de­liv­ered yes­ter­day at Seven’s an­nual meet­ing where the company flagged a fur­ther de­cline in rev­enue from its metropoli­tan tele­vi­sion busi­ness. Mr Stokes said the way to fix the tough mar­ket con­di­tions was to en­sure tech gi­ants such as Google, Face­book and Net­flix were reg­u­lated.

THE share mar­ket closed lower yes­ter­day af­ter US Pres­i­dent Don­ald Trump threat­ened to es­ca­late his trade war with China.

The bench­mark ASX 200 in­dex lost 54.7 points, or 0.8 per cent, to close at 6698.4 points, while the broader All Or­di­nar­ies was down 51.6 points, or 0.7 per cent, to 6805.5 points.

CMC Mar­kets chief strate­gist Michael McCarthy said in­vestors were con­cerned about both the sit­u­a­tion in Hong Kong and fears the US and China would not reach an in­terim trade deal as they had been ex­pected to ear­lier this week.


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