Newscorp Has Confirmed That Foxtel Wants A Piece Of The Ten Network

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Newscorp chairman Rupert Murdoch has confirmed that Foxtel is looking at taking a stake in the free-to-air Ten Network.

The troubled television group has appointed Citi as a strategic advisor after reports that it is under scrutiny by various suitors.

“As for Foxtel, which is a partnership with Telstra, they are examining a small piece,” Murdoch told Newsgroup’s annual general meeting in the US.

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.

The latest reports say cable TV operator Foxtel is looking at a 14.9% stake in Ten in partnership with the US giant Discovery Communications.

Ten’s shares are up around 25% since the reports of a possible takeover emerged. The shares are trading at $0.27.

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