Discovery Networks has reportedly withdrawn from a joint offer with Foxtel for the TEN Network.
Fairfax reports it has walked away from an offer after rejecting the TEN board’s alternative offer that it take only a 15 per cent stake and a board seat.
Discovery is understood to have grown frustrated with the sales process and surprised by the level of detail in local press coverage monitoring the high-profile auction, it reports.
Meanwhile The Australian also reports TEN chairman Hamish McLennan asked the directors to sign affidavits late last year following a series of leaks that appeared in The Australian Financial Review.
It claims some directors, growing frustrated with confidential board responses to bids being aired in newspapers, have discussed calling an investigation into the leaks.
There is speculation the company could run out of money within two years if it does not receive a cash injection.
TEN spokesman Neil Shoebridge said: “We don’t comment on board matters.”