Bad news media
Rather than just producing the news, Australia's legacy media companies can't seem to stop making headlines about their own troubles.
It’s hard to think of a better illustration of the rough and tumble nature of Australia’s legacy media industry than the encounter between Nine Entertainment chairman Peter Costello and a journalist from News Corp’s The Australian newspaper this week.
In widely circulated footage, the journalist repeatedly questions Costello about the crisis that has engulfed Nine in recent weeks as well as the media company's languishing share price. Costello ignores the questions before appearing to drop the shoulder into the journalist, sending him sprawling. A high-pitched cackle can be heard soon after.
It’s one of the weirdest incidents involving a corporate media figure since billionaire and former Nine owner James Packer traded blows on a Bondi street with his long-time friend and former Nine CEO David Gyngell.
Costello denies any wrongdoing, but it is not a good look for the man, a former federal treasurer no less. It comes just as the nation's largest domestic media company tries to move on from a scandal involving alleged inappropriate behaviour by former executive Darren Wick. As our media writer John Buckley reported last month, that scandal sparked significant tensions at board level, as well as in the executive ranks at Nine.
