Battle for Ten hots up as Fox joins court hearing | Major Businesses | Business
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Rupert Murdoch’s 21st Century Fox has intervened in a court battle for control of the beleaguered Australian broadcaster Network Ten, following its proposed sell-off to CBS Corp.

Network Ten Logo 13 September 2017Ten’s administrator KordaMentha backs the proposal by CBS, which followed a joint bid in June from Fox executive chairman and Ten shareholder Lachlan Murdoch with fellow backer Bruce Gordon.

Billionaire Gordon has claimed in the New South Wales Supreme Court hearing that Ten’s creditors were not given adequate information about their bid, made through his company Birketu and Murdoch’s Illyria.

According to documents released to the court, CBS is prepared to pay at least A$201.1 million (US$162 million) in cash for Ten.

A secondary creditors’ report revealed the Birketu-Illyria bid was A$3 million higher than the bid by CBS but was considered by KordaMentha as too complex and would have seen secondary creditors receiving only 2¢ in the dollar.

CBS and 21st Century Fox are Ten’s two major creditors, with the broadcaster owing the US cable company $348 million and the Murdoch’s media group $195 million.

Lawyers for Ten said Murdoch’s Illyria had offered to revise its offer, which expired on 25 August.

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