Telstra Dome Changes Owner

The Seven Network sold its interest in Melbourne’s sports and concert venue Telstra Dome for $330 million.

The TV network began running the venue through its subsidiary Melbourne Stadiums Ltd. in 2001. Its interests were bought by James Fielding Funds Management on behalf of a consortium of superannuation funds and institutional investors. The rights run until 2025.

In March, Seven reported that Telstra Dome generated revenue of $27.2 million in the first half of the 2005-06 financial year, a rise of 6.7 percent.

Seven has been planning to focus on its media business and has been divesting itself of investments such as B Digital, Glenn Wheatley’s Talentworks management, and property holdings.

– Bryan Jones