You are here: Home » Reuters » News
Business Standard

Lachlan Murdoch makes fresh bid for Australia's Ten Network

Reuters  |  SYDNEY 

SYDNEY (Reuters) - Lachlan Murdoch's private company on Friday revised its takeover offer for Australia's struggling Holdings Ltd, according to bid documents reviewed by

The fresh offer, which does not give total value, escalates the battle for the broadcaster from legal challenge to an already-agreed buyout from U.S. cable to full-scale bidding war.

Ten, ratings laggard which went into administration three months ago following long declines in viewership and advertising revenue, has become an attractive target because of its national reach and strong brand recognition in the world's 12th-largest economy.

The new bid from Murdoch's company, Illyria, and the private company of his business partner Bruce Gordon, raises the pool of cash payable to unsecured creditors from A$35 million ($28 million) in an offer lodged in June to A$55 million.

That is higher than pool of A$32 million offered by CBS, according to documents released on Monday by Ten's administrator, KordaMentha. Those documents show CBS, itself Ten's largest creditor, is prepared to pay at least A$201.1 million in cash for the

Gordon launched legal challenge to the takeover earlier this week, delaying creditors meeting that was set to vote on the buyout.

spokeswoman for Illyria declined to comment and spokeswoman for Gordon had no immediate comment. declined to comment. spokesman for Ten's administrator, KordaMentha had no immediate comment.

The new bid follows Australia's senate overnight overturning decades-old media-ownership rules which would have stymied Murdoch-Gordon takeover of Ten, as they prevented owning all three media - television, newspaper and radio - in any given city.

Gordon, billionaire, owns regional television station and Murdoch co-chair's Corp, which publishes about two-thirds of the nation's newspapers.

($1 = 1.2508 Australian dollars)

(Reporting by Tom Westbrook; Editing by Christopher Cushing)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 15 2017. 10:10 IST