★★★★★ 0/5

TEN offers from “a number of parties”

TEN is considering several proposals which could result in a change of control for the network.

8
Leave a comment

ten 10TEN has received takeover proposals from “a number of parties” following its deadline for potential bidders through Citigroup.

A joint Foxtel / Discovery bid is rumoured to be the front-runner but there is speculation the bid was lower than expected.

“Ten confirms that Citigroup has received non-binding, conditional proposals from a number of parties in relation to transactions which, if implemented, could result in a change of control of Ten or a refinancing of its existing debt facilities,” TEN said in a statement.

“An independent committee of the Board of Ten will now consider those proposals in conjunction with Citigroup. In this regard, it should be noted that the proposals are confidential, non-binding and conditional in nature and may or may not result in a transaction which is acceptable to the Company.

“Ten will update ASX again when required to so under its continuous disclosure obligations. In the meantime, Ten urges caution in dealing in its shares on the basis of media speculation about potential transactions involving the Company.”

8 Responses

  1. We will wait and see, if it comes off it will have an impact on some programming seeing as 7Two shows a lot of Discovery stuff.
    Discovery makes around 5000 hours of TV a year and in other markets they have TV stations as it drives down the cost of operating, specially programming as they have already made the show
    To screen something on FTA , well it makes sense.

  2. The Australian reports this morning that there are bids from Discovery/Foxtel and 2 US investment funds. If Ten doesn’t accept one things are so bad that the share price will drop further and they will be bought cheaper.

    Presumably their plan is to supply Discovery, 21st Century Fox and stuff that Foxsport can’t show because of the anti-syphoning rules to take revenue share away from Seven of Nine. They can also manipulate the prices within their empires to minimise taxes.

    Newhouse (who controls Discovery) and Murdoch (who controls News Corp and 21st Century Fox through voting stocks) have done a deal. They already work together with Discovery owning channels on Foxtel and supplying content to Foxtel. And anyone who doesn’t work with News Corp has been driven off Foxtel.

    The ACCC will have something to say about their takeover bid.

  3. Regardless of what is said. If TEN do a deal they will be a much stronger opponent to both 7&9 . Especially when it comes to TEN securing a major Winter sports with a JV with Foxtel

  5. So, Ten goes to seed under Murdoch Jr’s stewardship, then the best offer to buy the ailing channel comes from Murdoch Sr’s Foxtel?

    Can they really be that transparent?

  7. The best deal on the table so far is 2 meat pies and a small portion of chips plus 3 tomato sauce sachets. A rival bidder is considering a bid containing a larger portion of chips plus an extra sauce sachet. All bidders are conscious of not shelling out too much

Leave a Reply