Fairfax Media has this morning reported that Foxtel is about to buy a large stake in struggling free-to-air station Channel Ten. However, the station immediately issued a media statement suggesting the article was inaccurate and no deals had yet been done.
Just as the article came to light (“Foxtel Closes in on Ten Network Deal”) Channel Ten issued a media statement saying that no deal had been finalised and urged “caution in dealing in its shares on the basis of media speculation about potential transactions involving the Company”.
This morning’s Fairfax article claimed that Foxtel is close to agreeing to buy a 14.9 per cent stake in Ten Network Holdings. That would see the subscription TV provider pump $85 million into the broadcaster and raise a further $100 million more through a general offer to shareholders.
However, Channel Ten this morning debunked any idea that shareholders had agreed to Foxtel’s offer. The statement read in full:
Ten Network Holdings Limited (ASX:TEN) (‘TEN’ or the ‘Company’) notes the article in today’s Australian Financial Review in relation to its strategic review process. That process continues and may or may not result in a transaction which is acceptable to TEN. One component of that process involves discussions with Foxtel about the terms on which it may potentially invest in TEN.
TEN will update ASX again when required to do 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.
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