Is Fairfax In The Running To Snap Up Ten?

Is Fairfax In The Running To Snap Up Ten?

It seems Lachlan Murdoch and Bruce Gordon could have an unlikely competitor in their quest to take over Ten, with Fairfax Media reportedly signing up to take a peek at the embattled broadcaster’s financial figures.

B&T Magazine
Posted by B&T Magazine

Fairfax is understood to be one of at least nine parties that have signed a non-disclosure agreement and picked up an information memorandum (IM) detailing Ten’s business and financials, according to the Australian Financial Review.

However, the AFR’s source suspects the Fairfax merely wanted the IM to look at Ten’s numbers, rather than use them to calculate a serious bid for the company.

Murdoch and Gordon engaged the Australian Competition & Consumer Commission (ACCC) to review their takeover bid for Ten in July, which hinges on the media reforms coming to fruition, as both shareholders are prevented from controlling the asset along with all their others (Murdoch owns NOVA Entertainment and is co-chairman of News Corp, while Gordon owns WIN Television) under the current laws.

Ten’s administrator, Korda Mentha, said in June that it had received expressions of interest from multiple parties to buy or recapitalise the broadcaster.