Foxtel, Discovery seek stake in Ten Network, Murdoch confirms
| 17 November 2014
News Corp chairman Rupert Murdoch has confirmed that Foxtel is looking to acquire a stake in struggling Australian broadcaster Ten Network, in conjunction with Discovery Communications.
Independent advisers have been appointed to look at pay-TV operator Foxtel – a partnership between News Corp and Telstra – buying a "small piece" of Ten, Murdoch said at News Corp's AGM in Los Angeles on Friday (14 November 2014).
He added that Foxtel would not be seeking to buy his son Lachlan's stake in Ten Network – Australia's third-ranked commercial broadcaster.
Ten confirmed on 6 November 2014 that it had appointed advisers from Citi to examine "strategic options" for the network. A number of potential bidders have since emerged, including US media giant Time Warner http://www.rapidtvnews.com/201411113...#axzz3JGt1Gak2 and US private equity company Hellman & Friedman.
Representatives from Foxtel and Discovery reportedly met with Ten management on 11 November 2014 to discuss the purchase of a 14.9% stake in the broadcaster http://www.afr.com/p/business/compan...2T9l9nyR5q72UP