Guessing game on TEN ownership resumes

It’s a tale of two stories, but either way two newspapers are speculating once again as to who might buy Network TEN if it were to be sold.

While Fairfax Media notes News Corp could buy up if Lachlan Murdoch did not own radio company Nova, News Corp says the network is in secret talks with Fairfax.

Hedge fund Anchorage Capital Group has reportedly approached US private equity firm Providence Equity Partners about a joint bid.

Foxtel reportedly considered a joint takeover with Providence Equity Partners, but decided against it “for a number of reasons.”

“In my career in media, those companies that get scale tend to perform better,” said CEO Hamish McLennan.

“In what form that manifests itself, I don’t know. But I believe TEN needs to bulk up.”

He said he had a “completely open mind” on how.

Last week during the network’s announcement of Full Year Financial Results he again advocated for media reform.

“The two-out-of-three, 75% audience reach and other platform-specific ownership rules were formulated before the internet became a mainstream medium and certainly before smartphones and tablets. The rules are outdated, anachronistic and ineffective,” he said.

News Corp claims Fairfax chief executive Greg Hywood recently met McLennan at the Sydney offices of TEN’s advisers Citigroup for merger talks.

Meanwhile The Australian tips Gina Rinehart will appoint someone else to represent her on the board but retain her 10%. James Packer similarly stepped down from the board but retains his 17.88% shares with Lachlan Murdoch.