TEN offers Packer, Murdoch board seats.
Ten Network Holdings Limited has confirmed it is offering James Packer and Lachlan Murdoch seats on its board.
- Published by David Knox
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Ten Network Holdings Limited has confirmed it is offering James Packer and Lachlan Murdoch seats on its board, reflecting recent shares acquisitions of approximately 18 per cent.
“The Company welcomes the interest of CPH and Messrs Packer and Murdoch in the free-to-air television industry and, particularly, CPH’s investment in Ten Holdings,” a statement said.
“The Company has offered Messrs Packer and Murdoch the opportunity to take up two directorships on the Ten Holdings Board, which it considers to be appropriate representation for this shareholding. If this offer is taken up, the Ten Holdings Board will comprise 10 directors.”
It also confirms a plan to transition Executive Chairman Nick Falloon to a non-executive role, but does not outline the timing.
“The Company has advised Messrs Packer and Murdoch that the Ten Holdings Board would be prepared to discuss the implementation of this transition in an orderly manner and at a time to be agreed. Board consideration of the appointment of a new Chairman would follow at that time,” said the statement.
Media reports indicate Packer is also interested in Seek’s co-founder Paul Bassat becoming a third director.
The company’s AGM is set for December 9th.
6 Responses
As long as the “Messrs” don’t mess with Eleven and still have The Late Late Show With Craig Ferguson on as announced in September on there Twitter Account (eleven_tv), I will be still happy as.
I hope the ACCC is on to this. The last thing I want to see is the ONE HD sports channel shut down. I can’t afford to pay to watch my favourite sports.
JP wants his mates to outnumber Ten directors while holding only 18 percent. With Gordon and pertual and the other 4.8% bloke that will make it 6 non packer and 6 packer directors. Wow, can you see a showdown coming
Kind of apt that Ten’s statement refers to the duo by the title “Messrs”, given the mess they’ll likely make of the network.
I could retire on the loose change lost down the backs of their couches.
Looks like Ten’s going to have to put reinforcements in its buildings to hold whale packer!