CanWest rises as investors back Campbell against Holmes

CanWest Mediaworks chief executive Brent Impey

UPDATE - Shares in broadcaster CanWest Mediaworks jumped nearly 5 per cent this morning after it announced rejigs of both the prime time schedule at its flagship broadcaster TV3 and its Radio Pacific network.

Next year TV3 will launch a new 7pm weeknight current affairs show hosted by current 6pm news anchor John Campbell, while his current co-anchor, Carol Hirschfeld, will be the show's senior producer and "specialist interviewer".

Canwest shares, already buoyant after a perky first quarter result released yesterday, rose 9c to 204 by midday on the news.

The new show, which replaces the channel's popular cartoon The Simpsons, will compete with veteran broadcaster Paul Holmes' new show on Prime TV and his replacement at TVNZ, Susan Wood.

ABN Amro Craigs broker Matt Willis said the departure of Paul Holmes from his dominant show on TVNZ had given TV3 a great opportunity to win a bigger share of the 18-to-40-year-old demographic during the 7pm to 7.30pm period.

"That slot is one where they really were lagging and that's obviously because of the institution of Holmes, which was perhaps viewed as something that wasn't worth tackling."

The lift in Canwest's share price was a reaction to the prospect TV3 stood to win a significant share of the lucrative part of the TV schedule, he said.

Mike McRoberts and Hilary Barry become TV3's new 6pm anchors.

Canwest Mediaworks chief executive Brent Impey told shareholders at the company's annual meeting today in Auckland the company believed Campbell was the country's pre-eminent interviewer, "and by capitalising on his skills we make the most of his unique talents in a way that can bring significant benefits to the Network".

"Combined with Carol Hirschfeld's skills as a formidable producer, we have a very powerful team."

Mr Impey also unveiled plans for a new nationwide news and information radio offering for launch early next year.

Mr Impey said the new station -- Radio Live -- would be "a vibrant, contemporary radio station, featuring high profile presenters".

Although Mr Impey said the new station "is not Radio Pacific" the station's line-up of broadcasters includes current Radio Pacific staff Michael Laws, Kerry Smith and Paul Henry. The new station will also feature Martin Devlin, Marcus Lush and Louise Wallace.

Radio Live would compete head-to-head with other "talk" stations in the market, including National Radio and ZB.

"We believe it will deliver a more contemporary audience, interested in news, sport and information."

More details about the radio station will be revealed early next year.

M eanwhile Radio Pacific would continue "as a racing-oriented station".

Yesterday CanWest said it was on course to exceed profit forecasts set out for its public float in July.

It gave the upbeat assessment as it disclosed trading profits in the three months to November had risen more than a fifth from $20.9 million to $26.4 million.

Mr Impey said the first quarter was traditionally a key driver for the business, so performance was unlikely to be matched throughout the rest of the financial year.

CanWest listed in July at $1.65 a share after Canadian media giant CanWest Global Communications Corp floated off 30 per cent of its New Zealand television and radio assets.

It issued 68 million shares at $1.53 each, raising $104m and acquired the parent group's six national New Zealand radio brands -- More FM, The Edge, The Rock, Channel Z, Radio Pacific and Solid Gold -- as well as 22 regional radio stations, plus free-to-air channels TV3 and C4.

- NZPA