Time Warner eyes acquisition of Australia's Ten Network
| 11 November 2014
Time Warner is launching a A$680 million (US$588 million) takeover bid for struggling Australian free-to-air (FTA) broadcaster Ten Network, according to the Australian Financial Review.
Ten's investment banking adviser Citi received a letter in October from Time Warner senior vice president James Burtson, expressing the company's interest "in pursuing a possible acquisition", according to the report.
The potential bid would reportedly be made by Time Warner's cable division, Turner Broadcasting System, and would require the support of high profile Ten investors, Crown chairman James Packer, News Corporation co-chairman Lachlan Murdoch, WIN Corporation owner Bruce Gordon and mining magnate Gina Rinehart.
Fellow US media group Discovery has also reportedly teamed up with the Telstra and News Corp-owned Australian network Foxtel to launch a bid for Ten.
While Ten has not commented on the Time Warner bid, the Australian network last week said it was considering a "number of potential strategic options" but "to date there is no guarantee any transaction will eventuate".
Ten had the lowest ratings of Australia's three commercial broadcasters in 2013, with an annual net loss of A$168.32 million ($144.42 million).