F.Y.I.

Murdoch and Packer join Ten’s board

James Packer and Lachlan Murdoch appear to have resolved their standoff with the board of Network Ten, accepting two rather than three seats on the board.  

The announcement:

Ten Network Holdings Limited (ASX Code:TEN) (‘Ten Holdings’ or ‘the Company’) today announced that James Packer and Lachlan Murdoch had accepted the offer to join the Ten Holdings Board in mid-December, following this year’s annual general meeting to be held on 9 December 2010.

The Company and Ten Holdings’ executive chairman, Nick Falloon, also confirmed that Mr Falloon intends to accept the offer from the Board to stand down from his role as executive chairman and leave the Company immediately following the 2010 annual general meeting.

Mr Falloon said: “We are pleased Mr Packer and Mr Murdoch have accepted our offer to join the Ten Holdings Board and agree that appropriate Board protocols will be put in place.”

Mr Packer’s company (CPH) is currently the largest investor in Ten Holdings.

Mr Packer said: “It is good to be back in the free-to-air television industry. I am confident in the future of free-to-air and of Network Ten.”

Mr Murdoch said: “I am pleased to be joining the Board of Ten Holdings. I look forward to working collaboratively with the Company on its multi-channel strategies and working with the other Directors to grow value for all of the Company’s shareholders.”

Source: Network Ten announcement

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