Lachlan Murdoch

CBS loans Ten A$143m to pay off creditors

CBS has handed Network Ten a multi-million dollar loan to pay off creditors – including 21st Century Fox chief Lachlan Murdoch – as the US broadcaster moves closer to buying its Australian counterpart. The agreements see CBS loaning Network Ten A$142.7 million (US$113 million) to refinance the commercial channel’s debts, according to Network Ten administrators […]

Fox chief: live-streaming TV proves pay power

The progress of live-streaming TV services reaffirms the strength of pay TV bundles, according 21st Century Fox executive chairman Lachlan Murdoch. He said that while the pay TV industry had lost around 2% of subscribers over the past year, those gained from the likes of YouTube TV and Hulu Live, plus growth at new cable […]

CBS ‘among nine eyeing Network Ten’

US broadcaster CBS may be in hunt for Australian commercial broadcaster Network Ten. CBS is one of nine potential suitors that are being linked to a takeover of Ten, which remains in administration after its key shareholders refused to back a new financial package. Previous reports have claimed CBS, Ten’s biggest debtor, would be willing […]

CBS ‘claiming A$843m debts from Network Ten’

CBS Studios International (CBSSI) is reportedly claiming A$843 million (US$642.2 million) in debts from troubled Australian channel Network Ten. Various reports claim the international sales arm of US broadcaster CBS is the largest creditor of Ten, which is currently in administration. CBSSI has made the claim to Ten’s administrators, which are currently looking at either […]

Authority investigating Network Ten takeover plan

The Australian Compeition and Consumer Commission (ACCC), is investigating whether a Lachlan Murdoch-led plan to take over commercial channel Ten is legal. Murdoch and fellow Network Ten Holdings shareholder Bruce Gordon yesterday signalled they were planning to take over the business, a month after pooling their respective stakes together. Ten is currently in receivership after […]

Ten secures A$30m loan to keep afloat

Australia’s Network Ten has secured its immediate future after key shareholders agreed to fund an A$30 million (US$23 million) loan. Lachlan Murdoch, Bruce Gordon and James Packer agreed to support the package, which buys Ten some time and keeps the network on air. The funding package is available until August 31 and comes ahead of […]

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 […]

Fox CEO Murdoch: Sky deal on track

21st Century Fox CEO James Murdoch has claimed his company’s £11.7 billion (US$15 billion) takeover of European pay TV giant Sky remains on course. The deal is currently under investigation in the UK, with an Ofcom inquiry not scheduled to end until after the general election on June 23. With Fox under fire in the […]

Ten faces fight for future after A$232m loss

Australia’s third largest TV channel, Network Ten, has warned its future is in danger after recording a huge half-year loss. The company share price continued to fall – it is down 60% in a year – after it posted a first-half loss of A$232 million (US$173.3 million), mainly relating to licence fee writedowns. The broadcaster’s directors […]