It appears billionaire media moguls Lachlan Murdoch and Bruce Gordon have lowered their boxing gloves and admitted defeat against US studio CBS in their battle for Network Ten.
It’s understood that Murdoch and Gordon’s investment vehicles, Illyria and Birketu, did not submit a challenge to the transfer of Ten’s shares to CBS by the 4pm deadline last Friday, according to both News Corp’s The Australian and Fairfax’s The Australian Financial Review.
Any challenge made by Gordon and Murdoch was already hindered by a recent report by consulting giant KPMG, which revealed that shares in the embattled broadcaster were worthless.
Gordon holds nearly 15 per cent of Ten’s shares, while Murdoch owns 7.7 per cent.
The duo have had nothing but headaches so far in their quest for Ten, with multiple takeover bids and legal action proving not enough.
The Supreme Court of NSW has tentatively approved a court hearing on the proposed transfer of Ten’s shares for Tuesday 31 October.
