After months of speculation, Fairfax Media has sold its Southern Star Group to Endemol in the Netherlands.
The Dutch production giant is buying 100% of the company from Australia’s Fairfax Media adding 14,000 hours of programming.
The deal includes Southern Star International, Southern Star Entertainment and Southern Star’s 49% share in the 10-year-old Aussie joint venture company Endemol Southern Star. The deal is dependent on regulatory approval, but is expected to be completed in the first quarter of 2009.
Hugh Marks will continue as CEO of Southern Star Group. The Australian firm’s distribution arm Southern Star International will continue to be run by CEO Cathy Payne. Rory Callaghan will remain the MD of Endemol Southern Star and Southern Star Entertainment. The sales division is set to merge with Endemol’s own distribution arm, a move likely to result in job losses.
Southern Star is Australia’s largest independent television production and distribution group. Its drama titles include Out of the Blue, Love My Way, Bed of Roses (pictured), and Rain Shadow. Southern Star’s distribution library comprises titles including Home & Away, City Homicide, and McLeod’s Daughters.
Source: C21
They got an absolute bargain! A shame for future Australian productions…
…And yet another piece of Australia goes overseas.
Perhaps they should rename it Polaris/Northern Star instead.
The “Dutch production giant” Endemol has actually been controlled by Italians for quite some time now. It’s part of the media empire of Silvio Berlusconi.
Endemol is becoming ver y powerful – what does this mean for BB and other shows they produce.
That’s $5,357 per hour of programming.
A bargain for an international company.
Australian content is as good as any other in the world, why is its price so cheap?
It’s sad that two of the biggest production companies in Australia (FremantleMedia and Southern Star) are now foreign-owned.
I wouldn’t be surprised David, if the Southern Star name is retired in favor of Endemol Australia some time in the near future with the JV becoming a proper division of the company.
Correct, that’s why I noted “distribution library.” They handle international sales.
i dont understand how Channel 7s in house productions like H&A and City Homicide are involved…does it just mean that Southern Star do the International sales and distribution for seven?
lol, clever pic for the story
This sucks. >:(
does australia own anything now?