Billionaire Gordon Raises Ten Network Stakes

22 February 2007

SYDNEY: Australian television broadcast company Ten Network is being pursued by veteran Bermuda-based billionaire Bruce Gordon who is reported to have spent A$14 million ($11m; €8.4m; £5.6m) to increase his stake to 14.04%.

Gordon, who controls WIN Television, the biggest regional TV broadcaster Down Under, has made his move as Ten's major shareholder CanWest is trying to find a buyer for its stake and the rest of the company [WARC News: 10-Jan-07].

Potential bidders such as News Corporation and Macquarie Media have reportedly dropped out of the sale process because Canuck media conglomerate CanWest's asking price of A$2 billion was too high.

Data sourced from Sydney Morning Herald; additional content by WARC staff