Economy

Lachlan Murdoch makes fresh bid for Australia's Ten Network

Lachlan Murdoch makes fresh bid for Australia's Ten Network”

Murdoch, co-chair of News Corp - publisher of about two-thirds of Australian newspapers - and Gordon, owner of a regional TV station, are now able to counter CBS, as the pre-internet age regulation meant to prevent consolidation is certain to be overturned in a parliamentary vote next month.

The administrator of Australia's Ten Network said Friday that media moguls Lachlan Murdoch and Bruce Gordon have made a fresh bid for the embattled broadcaster.

With media reforms freshly through the Senate, Lachlan Murdoch's investment company Illyria has lodged a fresh joint bid for Network Ten. The laws are expected to come into force when the lower House of Representatives, where the ruling coalition has a one-seat majority, sits again in mid-October. CBS, which is Ten's biggest creditor, had offered A$32 million (US$25.5 million). It is unclear whether KordaMentha will present the new offer to creditors.

Administrators KordaMetha are said to have received the new offer around lunchtime today, following the Australian government's passing of a reform package which overhauls media ownership and concentration laws. The pair also say that Ten could in time be refloated on the Australian Stock Exchange.

The new bid is reportedly higher than the CBS bid, according to the Australian Financial Review.

Mr Murdoch and Mr Gordon were caught out in August when CBS launched its surprise bid for Ten and Mr Gordon has a case before the courts challenging the decision by administrators to recommend the USA company's offer.

Lawyers for Gordon's Birketu this week argued in Supreme Court that the CBS offer treated different creditors unfairly and was therefore a "transaction risk" and a magnet for litigation.

Ten had crumbled under the cost of buying programs from the U.S.as advertising revenue plunged. It was placed in voluntary administration in June after Illyria and Gordon's Birketu refused to continue guaranteeing a key loan. Metropolitan and regional broadcasters are also barred from merging. Fox and News Corp-aligned Murdoch Mr Gordon, the owner of Ten's regional affiliate WIN, were beaten to the punch by the surprise CBS offer made on August 28. The "reach rule", preventing a single TV broadcaster from reaching more than 75% of the population, would be repealed.



Like this

Latest


15 September 2017
Trade unions: North's NHS workers must get pay rise
In it, the unions argue that increasing pay would help tackle the shortages of staff being seen in the health service. In a joint statement, Unison, Nipsa, Unite and the RCN, said they were "preparing to pursue" a pay claim.

15 September 2017
Pubs group JD Wetherspoon reports 28% jump in profit
The chain started out with one pub in Muswell Hill, north London, in 1979 and now has almost 1,000 outlets. Since the year end, Wetherspoon's like-for-like sales have increased by 6.1%.

15 September 2017
India, Pak Trade Fire In Jammu Sector, BSF Soldier Killed
This happens to be the sixth ceasefire violation by Pakistan in a span of five days. Beh and Shahnaz forward posts", a police officer said.

15 September 2017
China's biggest bitcoin exchange to halt trading
On the plus side, with the Bitcoin bull market being thrown into reverse, the price of graphics cards should descend to normality. Gox was, but a debilitating cyberattack on Bitfinex, which could seriously hurt bitcoin's liquidity, can't be discounted.

15 September 2017
U.S. citizen fighting with Islamic State is captured in Syria, Pentagon says
State officials added they "have no information to share at this time". His capture was first reported by the Daily Beast .

15 September 2017
Simran movie review: Kangana Ranaut highlights her Kleptomaniac side
The American characters appear to be the locals who were picked from the streets to act in a "Bollywood film". She starts to enjoy her life with no one to stop and tell her the difference between the right and the wrong.

15 September 2017
Heather Locklear Hospitalized After Crashing Porsche Into Ditch
The 55-year-old reportedly crashed her luxury auto into a ditch in Thousand Oaks, just outside the USA city, on Thursday. Law enforcement sources tell us Locklear was involved in a single vehicle wreck just before 6 PM in Thousand Oaks.

15 September 2017
Kamal Haasan to launch his own political party with 'reformatory ideology'
Well, I have to start somewhere. "First I must clean my own home before I start on the neighbours", he added. A political party is about an ideology. "Don't vote me in and then wait for five years to vote me out".

15 September 2017
ICC: Can't Force Indian Cricket Team to Play Against Pakistan
He said ICC remained neutral when it came to Indo-Pak cricket relations. "It's a long process", said Richardson, quoted in a Cricinfo report.

15 September 2017
Textron Inc (TXT): +DI Recorded Above -DI on This Stock
Acadian Asset Management LLC raised its position in shares of Canadian Natural Resources Limited by 2,400.0% in the 1st quarter. A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock.



Recommended