James Packer and Lachlan Murdoch have won their bid to wrest the chairmanship of Ten’s board from Nick Falloon.
The network this afternoon put out a statement saying Falloon is willing to step down next month and leave the media company.
But the Ten board is so far refusing to budge on giving Packer and Murdoch more than two seats on the enlarged ten person board following the investment from Packer’s Consolidated Media Holdings.
Packer bought just under 20% of the company a fortnight ago, with it quickly emerging that Murdoch was also involved in the plan.
According to Ten: “Discussions are continuing but no agreement with Messrs Packer and Murdoch has yet been reached. The Board maintains that the number of directorships offered is appropriate having regard to the size of the shareholding interest currently held by CPH. In the Board’s view, this level of representation would be consistent with the interests of all shareholders. The Board’s extension of the invitation to Mr Murdoch to be a director is in anticipation of Mr Murdoch taking up an investment in Ten Holdings. Ten Holdings would welcome Mr Murdoch becoming an investor alongside CPH.”
But the key part of this afternoon’s statement said:
“The Company and Ten Holdings executive chairman Nick Falloon also confirmed that Mr Falloon would accept the offer from the Board to stand down from his role as executive chairman and leave the Company immediately following the Company’s annual general meeting in December, if this would assist in the resolution of the outstanding issues between the Company and Messrs Packer and Murdoch.”