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Australia's Ten Network gets funds for summer as it pursues sale

Published 07/03/2017, 10:37 AM
© Reuters.  Australia's Ten Network gets funds for summer as it pursues sale
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  • Australia's Ten Network has secured funding from the Murdochs as well as a pair of other media magnates in order to keep running this summer as its sales process continues.
  • News Corp. co-chairman Lachlan Murdoch, Crown Resorts chief James Packer and Bruce Gordon are investing A$30M (about $23M) to let Ten act as a going concern through Aug. 31.
  • That allows for a possible relaxation of media ownership rules that would enable a sale, and News Corp. (NWS +0.7%, NWSA +0.8%) would love to be the buyer. It owns 50% of Foxtel, which in turn holds 14% of Ten.
  • But Murdoch holds a radio station and News Corp. publishes about two-thirds of Australian newspapers, which means a rules change is a precursor to Murdoch buying Ten.
  • Now read: Ubisoft founders raise stake in attempt to hold off Vivendi (PA:VIV)


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