News Corporation executive chairman Lachlan Murdoch and WIN founder Bruce Gordon have used the recently passed media reforms to their advantage, issuing a revised bid for failed broadcaster Network 10.
Administrators KordaMentha received the offer at lunchtime today. While no figure has been confirmed, it is believed the new bid is higher than the initial offer by the two businessmen and the bid submitted by international broadcasting company CBS.
The passage of media reforms on Thursday evening changed the playing field for Mr Murdoch and Mr Gordon. The repeal of the two-out-of-three media ownership rule means that the new offer is unconditional, unlike the first approved by the ACCC on August 24.
The offer from CBS, which would see the company hold 100 per cent of Ten by settling the broadcaster’s debts while providing nothing to shareholders, will be put before creditors next Tuesday. The administrator must decide whether to present the new offer at this time.
This past week has seen KordaMentha appear before the NSW Supreme Court, in an action brought by Mr Gordon seeking a court declaration that the administrators’ second creditors’ report “fails to include adequate information” about the proposal by his private company, Birketu, and Mr Murdoch’s Illyria.
The hearing wrapped up last night, with Justice Ashley Black expected to hand down his ruling on Monday.