Ten Network rescue bid: Murdoch, Gordon team up
BILLIONAIRES Lachlan Murdoch and Bruce Gordon have partnered up to rescue the embattled Ten Network.
Mr Murdoch, co-chairman of News Corp, publisher of this website, and Mr Gordon, owner of regional TV powerhouse WIN Corporation, have agreed to work together to explore a potential financial restructure of Ten, which has been placed into voluntary administration.
Collectively the two businessmen own 22.7 per cent of the shares in Australia's third largest commercial broadcaster. One share is now worth just 16c, valuing Australia's third largest commercial TV station at about $58 million.
Wednesday, the Ten board was forced to appoint administrators Korda Mentha just days after Mr Murdoch and Mr Gordon declined to support a new $250 million financing deal to keep the broadcaster solvent.
Korda Mentha partner Mark Korda said Ten, home of hit shows such as MasterChef and The Bachelor, would continue to operate on a "business as usual basis" while his team worked closely with management, employees, suppliers and content partners as they undertake a thorough assessment of the business.