SYDNEY-- David Gyngell is headed back to Australia as CEO of the Nine Network, just 2 1/2 years after resigning the same position.
Nine parent PBL Media unveiled the move Tuesday, with CEO Ian Law calling Gyngell's return a "critical step in the continuing process of accelerating Nine to a position of market leadership."
Gyngell, CEO of Los Angeles-based Granada America, unexpectedly resigned from Nine in May 2005 after 11 months as CEO, citing "untenable and increasingly unhelpful and multilayered management systems developing between Nine and PBL."
Since then, Nine has had a revolving door of chief executives, including industry veteran Sam Chisholm, game show host Eddie McGuire and the current acting CEO, executive director Jeffrey Browne.
This year, Nine relinquished its position as the top-rated network in the country to rival Seven, with a resulting dramatic slide in ad revenue share.
At the same time, private equity group CVC Asia Pacific has become majority owner of the network after a corporate restructuring that saw PBL proprietor James Packer sell off the bulk of his media assets to CVC Asia Pacific, netting PBL AUS$3.5 billion ($2.9 billion).
Nine parent PBL Media unveiled the move Tuesday, with CEO Ian Law calling Gyngell's return a "critical step in the continuing process of accelerating Nine to a position of market leadership."
Gyngell, CEO of Los Angeles-based Granada America, unexpectedly resigned from Nine in May 2005 after 11 months as CEO, citing "untenable and increasingly unhelpful and multilayered management systems developing between Nine and PBL."
Since then, Nine has had a revolving door of chief executives, including industry veteran Sam Chisholm, game show host Eddie McGuire and the current acting CEO, executive director Jeffrey Browne.
This year, Nine relinquished its position as the top-rated network in the country to rival Seven, with a resulting dramatic slide in ad revenue share.
At the same time, private equity group CVC Asia Pacific has become majority owner of the network after a corporate restructuring that saw PBL proprietor James Packer sell off the bulk of his media assets to CVC Asia Pacific, netting PBL AUS$3.5 billion ($2.9 billion).
- 9/26/2007
- The Hollywood Reporter - Movie News
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