Ten enters voluntary administration

Australian commercial broadcaster Network Ten has appointed voluntary administrators after its financial backing collapsed. Administrator KordaMentha has been brought in to undertake a financial assessment of the situation, with a sale or recapitalisation process options on the table. “This decision follows correspondence received from Illyria and Birketu over the weekend, which left the Directors with […]

Ten future in doubt as backers pull out

Australian commercial broadcaster Network Ten is facing receivership after major backers Lachlan Murdoch and Bruce Gordon pulled their backing. Ten has ceased trading shares after a letter to the Australian Securities Exchange (ASX) revealed Murdoch’s Illyria and Gordon’s Birketu would stop financing the network on December. Ten has a number of expensive output contracts in […]

Discovery/Foxtel bid among Ten offers

Network Ten in Australia has confirmed it has received “non-binding, conditional proposals” relating to a company takeover – likely including one from Discovery Communications and Foxtel. One of these could result in “change of control of Ten or a refinancing of its existing debt facilities”, the firm said in a note to the Australian Stock […]

Ten bidding moves towards conclusion

The man who represented for sale-Network Ten’s largest single shareholder on the broadcaster’s board has resigned, as a deadline for bids for the Australian firm looms large. Paul Mallam, who represented BruceGordon and has sat on the board for four years, unexpectedly announced his resignation via the Australian Stock Exchange. This came as the Australian […]

Turner lines up US$590m Ten offer

Time Warner is set to make an offer worth A$680 million (€409 million) through its channels arm, Turner Broadcasting System, to acquire troubled Australian broadcaster Network Ten. Time Warner’s senior VP James Burtson has contacted Ten’s investment bank advisor Citi to express interest over a possible acquisition of the free-to-air network, according to the Australian […]