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Sabtu, 16 April 2011

MNC (MNCN IJ) – Channel Dispute, by Dee Senaratne and Jessica Irene - CLSA

Yesterdays story still today's headlines. MNCN losing round 1 in the battle for ownership of subsidiary TPI TV, now renamed MNC TV. Ex-owner (daughter of ex-president Soeharto already owns 25%) claims the 75% in hands of MNCN and won the case in lower court. Obviously goes into appeal and could be a long drawn-out process.

The bigger issue is for us is whether or not the content is potentially transferred across along with the potential change of ownership of MNC TV.

Key points from the report:
· MNCN has decided to appeal the ruling to High Court. There could be another two to three levels of court before it reaches the Supreme Court level.
· The dispute has been going on since 2005 when Tutut was unhappy with the result of the shareholder meeting that ratified MNC’s CEO Hary Tanoe as the owner of MNC TV.
· Any assessment at this stage is premature due to the uncertainties surrounding the case. However if the worst case happens, losing MNC TV affects revenues by 15% and EBITDA by 12%.

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