Shares In The Ten Network Are Skyrocketing

Gina Rinehart. Getty/ Paul Kane

Ten network shares are up another 18% today as takeover speculation continues about the free-to-air television group.

The shares hit $0.273, up around 18.48%.

This is on top of a 7% jump yesterday when Ten announced it had appointed Citi as an adviser on its strategic direction.

However, the share price is still a long way from the $1.45 from four years ago.

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

Media reports speculated that the US giant Discovery Communications and Australia’s Foxtel are considering a bid.

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.

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