Report: Oaktree drops bid for TEN

Reports are emerging that Oaktree has pulled out of the race for TEN, leaving Lachlan Murdoch & Bruce Gordon as the likely buyers.

The Australian suggests US hedge funds Oaktree and Anchorage submitted a joint bit last Friday, but sources tip it has now been withdrawn.

The Australian Competition and Consumer Commission is yet to reveal its decision on whether the Murdoch / Gordon bid can be approved, while the government is yet to pass media reforms.

Previous reporting suggests their bid may include a plan to have a minority equity interest but a majority economic interest, to get around ownership laws.

Meanwhile Fairfax has been reporting some inside Labor concede that the two-out-of-three rule is out of date and irrelevant but because Murdoch clearly wants the changes, Labor can’t agree to it.

3 Comments:

  1. Fairfax, News Corp, Seven, Nine, Ten and pretty much everyone else has advocated for abolishing the 2/3 rule and the 75% rule. They are all struggling to stay afloat and a prevented from doing anything about it under the present rules. The ALP, and the ABC, have long campaigned that Rupert is the root of all evil, they will see Ten gone before they let his son increase his holding.

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