ACCC approves Murdoch bid for Ten Network

Lachlan Murdoch (pictured) will join with Bruce Gordon for the bid. PHOTO: Wikimedia Commons

Lachlan Murdoch (pictured) will join with Bruce Gordon for the bid. PHOTO: Wikimedia Commons

The Australian Competition and Consumer Commission has approved a potential bid by News Corporation executive co-chairman Lachlan Murdoch and WIN founder Bruce Gordon for the beleaguered Ten Network, without delay or a further review.

The competition regulator took into consideration the ascent of streaming services like Netflix and competition from the Seven and Nine network before approving the proposal.

Ten is currently in voluntary administration. Recievers were appointed in June over a $200 million debt to the Commonwealth Bank, which falls due in December.

The Murdoch-Gordon bid is conditional on the passage of the Turnbull government’s media law reforms, which are again stalled in the Senate. Communications Minister Mitch Fifield is negotiating with crossbenchers during the parliamentary break.

Reform amendments are expected to be considered when parliament resumed on Monday, September 4.

The only other bidder for the Ten Network is understood to be Anchorage Capital, after US hedge fund Oaktree pulled out of the running.

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