Billionaire media owner Bruce Gordon and News Corporation scion Lachlan Murdoch have joined their holdings in the Ten Network, in a play that could ultimately see the pair take the business out of administration and into private hands.
In a change of substantial holding notice to the ASX, Mr Gordon’s investment vehicle Birketu, which holds 15 per cent of Ten stock, announced a tie up with Mr Murdoch’s 7.5 per cent stake held in his Illyria company.
The announcement was made public just hours after Ten entered voluntary administration, having failed to secure a guarantee for a new $250 million loan it had sought in order to continue its operations beyond Chri…
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