Sports_Entertainment_Group

Sports Entertainment Group

Sports Entertainment Group

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Sports Entertainment Group (SEG), formerly Pacific Star Network,[2] is an Australian sports media content and entertainment business. SEG is the owner and parent company of Sports Entertainment Network (SEN).

Quick Facts Formation, Type ...

History

After going through a number of name changes in the 1990s and early 2000s, the company was known as Pacific Star Network for 16 years.[1]

In December 2014, Pacific Star Network acquired Morrison Media Services, the publisher of Frankie Magazine and Smith Journal.[3] They sold Morrison Media Services to Nextmedia in September 2018.[4]

In January 2018, Pacific Star Network acquired 100 per cent of equity in Crocmedia.[5] In September 2020, Pacific Star Network rebranded Crocmedia as Sports Entertainment Network (SEN).[6] Two months later, Pacific Star Network changed its name to Sports Entertainment Group (SEG).[2][7]

In September 2023, it was reported that SEG posted a $9.2 million loss in the 2022–23 financial year. The company reportedly asked for covenant relief from the bank in the June quarter.[8][9] In November 2023, it was reported that SEG required a cash injection or new investors in the next nine months to survive.[10] To finish the year, SEG sold 3.75 per cent of their sporting teams business, SEN Teams, and received $1.5 million in investor funds from new individual shareholders.[11][12]

SEN Teams

SEG's sporting teams business, SEN Teams, is the owner of five clubs as of March 2024.[12]

Under Pacific Star Network and Crocmedia, the company owned 25 percent of National Basketball League (NBL) team Melbourne United between 2018 and 2021.[13][14]

In July 2021, SEG purchased rival NBL team the Perth Wildcats[15][16][17] for roughly $8.5 million.[11] In November 2021, SEG's New Zealand subsidiary purchased New Zealand National Basketball League (NZNBL) team the Otago Nuggets.[18] SEN Teams purchased Women's National Basketball League (WNBL) team the Bendigo Spirit in April 2022[19] and acquired a Super Netball team licence in July 2023,[20] which became the Melbourne Mavericks.[11]

Assets

References

  1. [1]
    "PACIFIC STAR NETWORK LIMITED(PNW)". investogain.com.au. Retrieved 8 October 2021.
  2. [2]
    "Sports Entertainment Group". businessnews.com.au. Retrieved 8 October 2021.
  3. [3]
    "Pacific Star Network completes media merger with Crocmedia". proactiveinvestors.com.au. 3 April 2018. Retrieved 8 October 2021.
  4. [4]
    "Pacific Star Network sells Frankie and Smith Journal for $2.4m". mumbrella.com.au. 3 September 2018. Retrieved 8 October 2021.
  5. [5]
    Pierik, Jon (8 January 2018). "Craig Hutchison to be biggest shareholder in SEN in Crocmedia deal". The Age. Retrieved 17 January 2018.
  6. [6]
    "PSN rebrands Crocmedia as Sports Entertainment Network". radiotoday.com.au. 30 September 2020. Retrieved 8 October 2021.
  7. [7]
    "Sports Entertainment Network year of aggressive growth lifted revenue and profit". mediaweek.com.au. 31 August 2021. Retrieved 8 October 2021. The year saw two rebrands under CEO Craig Hutchison with the names Pacific Star Network and Crocmedia being dropped for Sports Entertainment Group and Sports Entertainment Network.
  8. [8]
    Saeed, Daanyal (15 September 2023). "Craig Hutchison's Sport Entertainment Network reports $9.2m loss amid huge exec bonuses". News.com.au. Retrieved 19 September 2023.
  9. [9]
    O'Donoghue, Craig (17 September 2023). "NBL owner Larry Kestelman backs Perth Wildcats owners Sports Entertainment Group and Craig Hutchison". TheWest.com.au. Archived from the original on 17 September 2023. Retrieved 19 September 2023.
  10. [10]
    Jaspan, Calum (14 November 2023). "Craig Hutchison's sports and media empire on the ropes as directors, auditor sound alarm". The Sydney Morning Herald. Archived from the original on 14 November 2023. Retrieved 14 November 2023.
  11. [11]
    O'Donoghue, Craig (1 February 2024). "Craig Hutchison explains Sports Entertainment Group's sale of part of Teams group including Perth Wildcats". TheWest.com.au. Archived from the original on 1 February 2024. Retrieved 2 February 2024.
  12. [12]
    O'Donoghue, Craig (11 March 2024). "New Perth Wildcats owners Bill Bloking, Annie Hill and Christian Hauff explain why they joined Craig Hutchison". TheWest.com.au. Archived from the original on 11 March 2024. Retrieved 11 March 2024.
  13. [13]
    "Crocmedia Acquires Stake In Melbourne United Basketball Team". bandt.com.au. 16 July 2018. Retrieved 8 October 2021.
  14. [14]
    O'Donoghue, Craig (15 September 2021). "Sports Entertainment Group's Craig Hutchison spends first day at Perth Wildcats after travelling to WA". thewest.com.au. Retrieved 8 October 2021. New Perth Wildcats owners, Sports Entertainment Group are in the final stage of selling their shares in Melbourne United and will have completed the deal before the start of the NBL season. SEG bought the Wildcats from Jack Bendat in July and promised to divest their 25 per cent stake in the NBL champions.
  15. [15]
    "Sports Entertainment Group take over from Jack Bendat as new owners of Perth Wildcats". abc.net.au. 1 July 2021. Retrieved 8 October 2021.
  16. [16]
    "SEN sign agreement to acquire Perth Wildcats". wildcats.com.au. 1 July 2021. Retrieved 8 October 2021.
  17. [17]
    "Statement on Perth Wildcats". nbl.com.au. 1 July 2021. Retrieved 8 October 2021.
  18. [18]
    "SPORTS ENTERTAINMENT NETWORK SECURES OTAGO NUGGETS". nznbl.basketball. 8 November 2021. Retrieved 8 November 2021.
  19. [19]
    "SPORTS ENTERTAINMENT NETWORK GROW BASKETBALL PRESENCE WITH WNBL BENDIGO SPIRIT ACQUISITION". sen.com.au. 12 April 2022. Retrieved 12 April 2022.
  20. [20]
    Bennett, Russell (21 July 2023). "Craig Hutchison takes up Super Netball licence for Melbourne side to replace Collingwood". The Age. Retrieved 14 November 2023.
  21. [21]
    "Pacific Star Network to merge with Crocmedia" (PDF). canterburypartners.com.au. 8 January 2018. Retrieved 8 October 2021.
  22. [22]
    "Bravo Management Acquires Precision Sports and Entertainment Group". ministryofsport.com.au. 2019. Retrieved 8 October 2021. Bravo has been considering getting back into representing current athletes for some time after merging in with Pacific Star Network and the broader Crocmedia business...
  23. [23]
    "Pacific Star unit Crocmedia to acquire TV broadcast satellite company Rapid TV". spglobal.com. 19 July 2019. Retrieved 8 October 2021.
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