Falloon agrees to exit TEN

TEN Network Holdings has confirmed executive chairman Nick Falloon has agreed to step down in a bid to break a deadlock with James Packer and Lachlan Murdoch.

Falloon would stand down immediately following the company’s annual shareholder meeting in December “if this would assist in the resolution of the outstanding issues between the company and Messrs Packer and Murdoch,” TEN said.

Packer and Murdoch are said to be seeking three board seats but TEN said two seats reflect the 18% shares acquired.

Falloon left Kerry Packer’s Publishing and Broadcasting Limited in 2001 after a falling out and it is understood James Packer has been pushing for him to stand down from TEN.

Previously there was no exit plan detailed for Falloon.

Source: The Australian, ABC