★★★★★ 0/5

Reports: Murdoch, Gordon walk away from TEN fight.

Crucial deadline passes on Friday 13th without notice of a challenge.

12
Leave a comment

Lachlan Murdoch and Bruce Gordon appear to have walked away from their fight for Network TEN, after a deadline came and went yesterday afternoon.

According to reports neither Illyria or Birketu, the private investment vehicles of Murdoch and Gordon respectively, lodged grounds to oppose the transfer of shares by the court deadline of 4pm Friday.

On Tuesday an independent report by KPMG declared TEN shares had no value.

TEN’s equity valuation, including $543 million in debt claims by CBS and 21st Century Fox, was found to be negative $1.055 billion. But one report suggested both were believed to have found serious flaws with the report.

On Monday a directions hearing in the NSW Supreme Court will indicate if any other shareholders intend to challenge the CBS takeover.

CBS still needs the approval of the Foreign Investment Review Board.

Source: Australian Financial Review, The Australian

12 Responses

  1. Both murdoch and Gordon have been outsmarted and outgunned an blindsided by the giant that is CBS .who would have thought that Ruperts dastardly deed to bring ten to its knees to buy it back on the cheap would fail so spectacularly .the humiliation is unbearable so both have retreated with their tails between their legs quietly .

  2. Once a company goes into administration and has negative value unsecured creditors don’t get paid. And with the output deals in place nobody would buy Ten because it wouldn’t be viable. Ten expected to buy the shows they had first run right to for reasonable price, because they kept airing them until 21C Fox walked away. Foxtel has a deal for 21C Fox shows that Ten doesn’t take, so the poisoned chalice is theirs now.

      1. Really only The Simpsons and Modern Family. M*A*S*H has been rerun so many times…and for real addicts most public libraries have box sets on free loan.
        Far from “most of its programming”.

  4. The Coalition through Mitch Fifield gave Foxtel (mostly Murdoch) 30 million recently, with no paper work. Do you think the FIRB will not be leaned on by this Government. They will fond every reason under the sun to oppose it.

  6. I know that if I am not paid for services, I do not supply…..it really is that simple. But in saying that I think that it would be prudent to wait until the deal is completed before pulling any product. I guess now that Gordon might be a little tardy in paying for content to show on WIN.

    1. But I think part of “the Fox content deal” was that TEN would pay for Fox program content. I also think that in every other industry suppliers would withdraw supply if deliveries remain unpaid.
      “$543 million in debt claims by CBS and 21st Century Fox”.

      1. yeah, my comment is possibly an overly simplistic view of it. Seven/Nine too have dropped output deals in favour of buying individual shows. I hope something can be worked out to keep Simpsons, This Is Us & Modern Family for example.

Leave a Reply