Billionaire media moguls Lachlan Murdoch and Bruce Gordon have been given some less than ideal news courtesy of KPMG, with the consulting giant revealing that shares in Network Ten are worthless.
According to an independent experts’ report issued by KMPG yesterday, the value of Ten’s equity is in negative territory, between $529.2 million and $543.7 million, after the broadcaster’s creditors are paid under the arrangement concocted by its new owner, CBS.
Some of the biggest losers from this will be Gordon (who holds nearly 15 per cent of Ten’s shares), Murdoch (who owns 7.7 per cent), James Packer and Gina Rinehart, with the four facing losses in the hundreds of millions, according to The Guardian.
Ten’s dour equity situation also limits the ability for Gordon and Murdoch to launch a legal challenge over its transfer to CBS. If they indeed decide to, they have until 4pm on Friday, according to The Australian Financial Review.
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.
