Murdoch and Gordon launch last ditch bid to snatch Ten from CBS
Lachlan Murdoch and Bruce Gordon have launched a last minute attempt to prevent the sale of Ten to CBS by tabling what they argue is a higher bid.
The bid – via Murdoch’s Ilyria investment vehicle and Gordon’s Birketu – “returns more value” and greater “execution certainty” than the CBS deal, according to a letter from the duo released on the Australian Securities Exchange last night.
The revised Deed of Company Arrangement (DOCA) proposal by Birketu and Illyria came less than 24 hours after the media reforms bill – which includes the repeal of the 75% reach rule and two out of three ownership rule – passed the Senate.
There is no way Murdoch and Gordon will get back what they ruined in the first place as it was THEM that put the Ten Network into Administration in the first place! They have obviously placed another bid well passed the expiry date of applications because they know that staff of Network Ten (one of the main creditors) won’t be voting for their DOCA as it would have and possibly still will leave staff jobless. Who is that stupid enough to think that they (Murdoch and Gordon) will bring Channel Ten back? Seriously… bring on CBS!! 🙂
I think we all want a more diverse media landscape and ideally Australian Owned. While both bids fail on the latter at least CBS will increase diversity.
If News gets anywhere with this it will be solely down to muscle.
Tough luck lads. As reported above they knew the game rules and played bluff poker which backfired. Both have presided with other supposed media luminary’s on the board and saw it go into administration then receivership. 1 of them paid 100m for 9% so how would he feel at 100% being worth 100m!!!.