Another Suitor, This Time Private Equity, Has Emerged For The Ten Network

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The US private equity firm Saban Capital Group has emerged as the latest suit for the troubled Ten Network.

The Australian Financial Review says it’s understood the Los Angeles-based media and communications industries specialist Saban has met with the management of the free-to-air network.

Foxtel and the giant US media group Discovery Communications are also looking at a bid, at least for part of Ten.

The TV network has appointed Citi as a strategic advisor.

Ten’s shareholders include some of Australia’s wealthiest, including mining billionaire Gina Rinehart who has stepped down from the board of directors at Ten but maintains her 10% holding in the company.

Others include casino operator James Packer, media player Lachlan Murdoch and television industry pioneer Bruce Gordon.

Ten’s shares are up around 25% since the reports of a possible takeover emerged. The shares are trading at $0.265.

Ten lost $168.3 million in the year to the end of August.

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