Industry disruptions, regulatory changes and a new board appointment

This week we talked about Stan Grant stepping down from the ABC, the new ‘buy now, pay later’ regulations, Meta’s multi-million-dollar divestment, and the latest Family of League Board appointment.

Stan Grant steps away from ABC

The IMPACT team were saddened by Stan Grant’s shock announcement that he would be stepping away from media commitments, including his role as host of ABC’s Q+A program. 

In his weekly column, Grant cited the racial abuse he experienced following his guest appearance as part of the ABC’s recent coronation coverage; along with the failures of the media and silence from ABC executives on these issues affected his mental health. 

In support of Grant’s departure, hundreds of ABC staffers around the country walked out and the hashtag #IStandWithStan trended on Twitter. 

ABC executives have publicly apologised to Grant and intend to launch a probe into how the broadcaster deals with racism. ABC’s RN breakfast presenter, Patricia Karvelas, will take on Q+A hosting duties from Monday, 29 May. 

New ‘buy now, pay later’ regulations

The Australian Federal Government has announced new regulations for the ‘buy now, pay later’ (BNPL) industry under the Credit Act to protect consumers from financial abuse. 

Financial Services Minister, Stephen Jones announced on Monday that BNPL services will be treated as credit products. BNPL services will now be required to have a credit licence, hardship requirements and minimum standards for conduct. 

The decision comes after a report by the corporate regulator, ASIC, in 2020 found that some consumers were “suffering harm” as a result of BNPL schemes. 

Treasury will work closely with the industry and consumer groups, with draft legislation expected to be out for consultation later this year and the Bill to be introduced into Parliament by the end of the year. 

Meta takes multi-million-dollar hit following watchdog intervention

Facebook parent company, Meta, has sold its animated graphics company, Giphy, at a major loss after the UK’s competition watchdog ordered the divestment over competition concerns. 

Meta acquired Giphy in 2020 for a reported $US400 million ($A605 million) but was directed to reverse the sale in 2021 after Britain’s Competition and Markets Authority (CMA) determined it would hurt social media users and advertisers by stifling competition for animated images. 

Stock image service, Shutterstock has said it will be paying $U53 million ($A80 million) in cash for Giphy and will continue to provide Meta access to Giphy’s content. 

The block has set precedent for similar regulation and scrutiny across the industry, with Microsoft blocked from acquiring video game maker, Activision Blizzard, last month.

Family of League introduces new Deputy Chair

We were delighted to see the appointment of decorated NRL great, Bradley Clyde, as Deputy Chair to the Board of Family of League. 

Clyde will succeed Alan Sullivan KC, who will remain on as a director of the rugby league’s charitable arm. Since retiring from rugby league in 2001, Clyde has built an impressive corporate career and is currently a member of the Australian Institute of Company Directors. 

After joining Family of League as a Non-Executive Director, Clyde has expressed his excitement to continue his connection with the charity and to contribute to the financial, emotional and social support for those in the rugby league community.

Family of League is an IMPACT client.

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