A NSW Supreme Court ruling will see Network Ten wait until November to discover whether the deal struck with American media company CBS will go ahead, as rival bidders, businessmen Bruce Gordon and Lachlan Murdoch, await an independent expert’s report.
At a directions hearing today, Justice Ashley Black listed an application by CBS for the takeover to be to be listed tentatively for a three-day hearing starting on October 31.
The extension will allow Mr Gordon, the owner of WIN regional television network, and Mr Murdoch, the News Corporation executive co-chairman, to assess the expert’s report, which will guide their actions on any intervention against the transfer of shares to CBS, and its timing.
It also will allow other parties time to consider and respond to the report, due to be filed with the Australian Securities & Investments Commission by Ten’s administrator KordaMentha on October 10.
Justice Black said that the court understood the seriousness of the matter, but must give fair opportunity to both sides.
The matter has been listed for further directions on October 16.