Illyria


Murdoch & Gordon fail to stop CBS’s Ten deal

Lachlan Murdoch and Bruce Gordon have failed in their attempt to stop US broadcaster CBS buying troubled Australian channel Network Ten. The pair had attempted to halt a crucial creditors meeting that will decide whether CBS Corp. can move ahead with its A$201 million (US$161 million) deal, but have seen this rejected in court. Administrators […]

Ten enters voluntary administration

Australian commercial broadcaster Network Ten has appointed voluntary administrators after its financial backing collapsed. Administrator KordaMentha has been brought in to undertake a financial assessment of the situation, with a sale or recapitalisation process options on the table. “This decision follows correspondence received from Illyria and Birketu over the weekend, which left the Directors with […]

Ten future in doubt as backers pull out

Australian commercial broadcaster Network Ten is facing receivership after major shareholders Lachlan Murdoch and Bruce Gordon pulled their backing. Ten has ceased trading shares after a letter to the Australian Securities Exchange (ASX) revealed Murdoch’s Illyria and Gordon’s Birketu would stop financing the network on December. Ten has a number of expensive output contracts in […]

Ten worries eased as Foxtel buys 15% stake

Network Ten’s long search for a new financial investor led to Australian pay TV operator Foxtel acquiring a 15% stake in the Sydney-based broadcaster. Foxtel is investing up to A$77 million (US$59.5 million) in 513.3 million ordinary shares at A$0.15 a share for a stake in the free TV business. An agreement has been mooted […]

James, Lachlan Murdoch land key Fox roles

Rupert Murdoch has handed his sons Lachlan and James key new roles within his entertainment media group 21st Century Fox. Lachlan Murdoch (left) has resigned from his role as chairman at Network Ten to become non-executive co-chairman of 21st Century Fox alongside his father, who is also CEO. He also takes the same role at […]