Murdoch’s 21st Century Fox Faces Losing Out (Big Time) On Ten’s Payout To Creditors

Murdoch’s 21st Century Fox Faces Losing Out (Big Time) On Ten’s Payout To Creditors
SHARE
THIS



Rupert Murdoch’s 21st Century Fox could end up with a fairly small payout as a Network Ten creditor unless it agrees to a new content deal with the free-to-air broadcaster’s new owner.

According to a report by Ten administrators Korda Mentha, Fox’s debt claim as a creditor is valued at $195 million. However, the report noted that Fox will only receive $3.4 million if it fails to renegotiate its content contract with Ten.

This possible outcome could add further salt to the wounds of the Murdoch family. Lachlan Murdoch’s joint bid with Bruce Gordon for Ten was the overwhelming favourite once the Australian Competition and Consumer Commission (ACCC) announced it would not oppose the offer.

However, in a shock move, Ten’s receivers (PPB Advisory) and administrator (Korda Mentha) made the decision to instead hand over the reins to US media giant CBS.

The KordaMentha report comes after the administrator announced on the ASX yesterday that CBS has provided a loan of around $142.7 billion to refinance the secured debt of Ten, including shareholder guarantor fees.

CBS has also made a $30 million working capital facility available as part of the refinance.

Please login with linkedin to comment

Advertising Standards Bureau difference between Korda Mentha TAM TV

Latest News

Grill’d Sticks It To Fast Food Giants In New “Trump’d” Campaign
  • Campaigns

Grill’d Sticks It To Fast Food Giants In New “Trump’d” Campaign

Grill’d has launched a new tactical campaign ahead of the upcoming US elections, with the aim of comparing big American fast food giants with Grill’d’s home-grown, healthier approach to burgers. The tongue-in-cheek campaign depicts Donald Trump’s addiction to fast food options, such as McDonald’s, KFC, Burger King and Dominos, with the words ‘You are what […]

Debunking The Myths: The Environmental Cred Of Print Media
  • Opinion

Debunking The Myths: The Environmental Cred Of Print Media

In this guest post, Dr Phillip Lawrence of Edith Cowan University debunks the myths of the environmental impact of printing… The environmental credentials of printing have been in the spotlight for a while with brands and marketers as well as large corporates regularly proposing they would reduce or eliminate paper and printing from their business as […]

Opinion

by B&T Magazine

B&T Magazine
Mindshare Snares Kayo’s & Binge’s Media
  • Media

Mindshare Snares Kayo’s & Binge’s Media

The WPP-owned agency Mindshare has revealed it has won the media business for both Kayo and Binge. Both Kayo and Binge form part of Foxtel’s Steamotion’s streaming services and have seen significant boosts to the subscription numbers in recent times, primarily during lockdown. Commenting on the win, Mindshare CEO Katie Rigg-Smith said the win would […]

by B&T Magazine

B&T Magazine
Aussie Tech Firm Launches App To Help Media Owners Find Local Advertisers In Any Location
  • Media

Aussie Tech Firm Launches App To Help Media Owners Find Local Advertisers In Any Location

Realworld, an Australian location-based technology company, today launched adfindr.co, a leads platform for media owners. Adfindr finds the contact details of hundreds of local businesses around any location. Adfindr offers all media owners a database of local advertising leads. Simply type in a location and extract advertising leads in that area. David Sanderson, Director at […]

Time To Fill? Then It’s Time To Will With State Trustees Via Hardhat
  • Campaigns

Time To Fill? Then It’s Time To Will With State Trustees Via Hardhat

The new Online Will from State Trustees has launched with an unexpected campaign via newly appointed creative agency Hardhat, one that aims to turn in between moments into opportunities for action. Having a baby, moving house or exploring some thrilling new hobbies – this colourful, tongue-in-cheek campaign leverages the types of life stages that trigger […]

Imagine Room Revolutionises Immersive Content With Australia’s First Microsoft Mixed Reality Capture Studio
  • Advertising

Imagine Room Revolutionises Immersive Content With Australia’s First Microsoft Mixed Reality Capture Studio

Immersive media company Imagine Room has signed an exclusive agreement with Microsoft to build and operate Australia’s first Mixed Reality Capture Studio to drive the next generation of content production. The state-of-the-art studio uses 106 cameras to create holographic and 3D-video performance assets and create immersive and interactive experiences for virtual reality (VR), augmented reality […]