Ten Network Holdings

Ten Network Holdings Ltd
Public
Traded as ASX: TEN
Industry Media
Founded 31 March 1998
Headquarters Sydney, New South Wales, Australia
Key people
 Paul Anderson (CEO)
David Gordon (Chairman)
Products Television
-A$128 million
Owner WIN Corporation (15%)
Hancock Prospecting (10%)
Consolidated Press Holdings (18%)
Lazard Asset Management (6%)
FOXTEL Management Pty Limited (15%)
Website tencorporate.com.au

Ten Network Holdings Ltd, is one of Australia's major media companies. It is headquartered in Sydney, Australia.

Assets

While originally focusing on running a television network, Ten has recently diversified into a range of other media areas over the past decade. Below are some of the businesses it has run, or is involved with:

CanWest Sale

On 24 September 2009, CanWest announced that it was selling its 50.1% stake in Ten Network Holdings for A$680 million (following the 2006 concentration/restriction on Australian media ownership),[1] in order to pay down its significant debt, although it was not enough to save the former parent, which went out of business the next year.

James Packer share purchase

During October 2010, James Packer, (through his private for Consolidated Press Holdings) bought 17.88% of shares in Ten Network Holdings.[2] Half of this was then bought from Packer by Lachlan Murdoch; the two are listed as joint owners of 17.88% of the company [3]

On 26 November mining magnate and Australia's wealthiest woman, Gina Rinehart was appointed a position of the board after purchasing 10% of the company.[4]

Speculation surrounds the future of the Packer investment as upcoming changes to sport broadcast regulation and Ten's low share price in a slowly resurgent market are seen as possible drivers for the current stake.

On 23 February 2011, the board of Ten Network Holdings terminated the contract of CEO Grant Blackley. Lachlan Murdoch was appointed acting CEO.[5] In February 2012, Murdoch was appointed Chairman by the board, replacing Brian Long who became Deputy Chairman, with James Warburton as the company's CEO.[6]

On 26 March 2014 Hamish McLennan was appointed Executive Chairman after becoming Chief Executive Officer and Managing Director of the Company in March 2013 replacing James Warburton. Lachlan Murdoch retired as Chairman and a Director to join News Corp and 21st Century Fox as Non-Executive Co-Chairman.[7]

On 27 July 2015, Paul Anderson was appointed Chief Executive Officer, and Non-Executive Director David Gordon was appointed Chairman after Hamish McLennan stepped down from both roles.[8]

Foxtel takeover bid

In 2014, News Corp/Telstra-owned Foxtel and U.S. cable company Discovery Communications made a joint-venture to take a bid on Ten. Other U.S.-based companies and investment firms, such as Anchorage Capital Group and Saban Capital Group, were also on the bidding list. However, this was opposed by WIN Corporation owner and Ten shareholder Bruce Gordon stating that Ten would remain in the Australian hands.[9]

On 15 June 2015, Foxtel officially agreed to buyout 15% shares in Ten Network Holdings, pending the approval from the Australian Competition and Consumer Commission. Prior to the acquisition, Discovery backed out from bidding partnership with Foxtel.

There were numerous reports stated that Foxtel will push-through the 15% acquisition of Ten once the Australian government will abolish the restriction on cross-media ownership.

References

  1. ↑ "CanWest sells Ten Network stake for $680m". The Australian. 24 September 2009. Retrieved 2 August 2015.
  2. ↑ Curran, Enda; Koons, Cynthia (20 October 2010). "Australian Billionaire Packer Buys Ten Network Stake". The Wall Street Journal. Retrieved 21 October 2010. |section= ignored (help)
  3. ↑ AAP, REUTERS, Business Day. "Packer off Ten board as shake-up continues". Sydney Morning Herald. Fairax. Retrieved 17 January 2012.
  4. ↑ Janda, Michael. "Ten CEO sacked, Lachlan Murdoch steps in". ABC News Online. ABC. Retrieved 17 January 2012.
  5. ↑ Janda, Michael: Lachlan Murdoch appointed acting Ten CEO, ABC News, 23 February 2011.
  6. ↑ Ten Appoints New Chairman, Ten Network Holdings, 10 February 2012.
  7. ↑ Changes to TEN's Board of Directors, Ten Network Holdings, 26 March 2014.
  8. ↑ Ten Network Board And Senior Management Changes., Ten Network Holdings, 27 July 2015.
  9. ↑ Discovery, Foxtel Takeover of Australia's Ten Network Opposed by Major Shareholder. The Hollywood Reporter. Retrieved 07-04-2015.
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