Ten Network’s billionaire shareholders Lachlan Murdoch and Bruce Gordon have signalled their intention to take over the besieged network, seeking a review of a joint bid from the competition regulator.
Murdoch and Gordon, through their respective investment vehicles Illyria and Birketu, have sought an informal review of a joint bid for Ten from the Australian Competition and Consumer Commission.
Ten was placed in receivership on Monday after going into administration in June and Gordon and Murdoch, along with the casino mogul James Packer, are guaranteeing a $30m finance package that keeps the network running until the end of August.
Previously the billionaire shareholder trio had guaranteed a $200m debt facility for Ten.
Any changes to media law that would allow Murdoch and Gordon to bid for Network Ten are on hold until parliament resumes on 8 August.
The ACCC is conducting a review under its merger process guidelines, with submissions from interested parties due by 24 July and a decision or issues statement due by 24 August.