Lachlan Murdoch and Bruce Gordon’s proposed takeover bid for Network Ten is looking like it will be the winner, with reports that the sole rival bidding group has walked away from the table.
US hedge funds Oaktree and Anchorage Capital submitted a joint offer on Friday, according to The Australian.
However, sources close to the News Corp masthead believe the bid was no match for the one made by Murdoch and Gordon last month, which is currently under review by the Australian Competition & Consumer Commission (ACCC), and Oaktree and Anchorage Capital has subsequently pulled out.
The Murdoch-Gordon bid 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.
The ACCC is expected to hand down its decision on whether or not to approve the Murdoch-Gordon bid tomorrow.