Former Network 10 political editor Peter van Onselen faces a lawsuit from his one-time employer.Credit:Alex Ellinghausen
The subject of the injunction is unclear,but van Onselen’s piece inThe Australianon May 29 took a hard look at Paramount’s plummeting share price and underperforming streaming business to question its implications for Network 10.
“The likes of Netflix,Disney and Warner are much bigger and better-established operators,doing better than Paramount[on streaming],” van Onselen wrote.
Loading
“It’s so concerning that Paramount’s biggest shareholder,Warren Buffett who owns 15 per cent of the business,has intimated that he doesn’t think streaming is the future for Paramount,unless scale can be brought to bear and quickly.”
Paramount’s shares are down 50 per cent this year and 85 per cent since their 2021 highs. In Australia,Network 10 – which Paramount bought out of bankruptcy – has been floundering as the third-place commercial network for years and struggling to find hit shows. Nine,one of its main rivals,is the owner of this masthead.
Though critical of 10 and Paramount,van Onselen’s comment bore little difference to a host of stories inTheWall Street Journalandpublications around the world questioning the entertainment company’s performance.
Van Onselen and a spokeswoman for 10 declined to comment.