Fairfax Eyes Ten’s Financials Ahead Of Sale
Fairfax Media has reportedly signed a non-disclosure agreement to allow it to look over Ten’s financial and business details.
According to a report from The Australian Financial Review, “sources close to the sale process of Ten” claimed Fairfax was one of at least nine parties to receive an information memorandum on Ten after signing an NDA.
Among the companies to have participated in this first step of the auction process, ahead of the submission of indicative bids expected before the end of the month, are Lachlan Murdoch and Bruce Gordon’s investment vehicles, Illyria and Birketu respectively.
Investment firms Oaktree Capital Management and Anchorage Capital Group, as well as media company CBS, also received an information memorandum.
The AFR’s sources said they believed Fairfax only wanted to see Ten’s numbers rather than make a serious bid for the broadcaster.
Fairfax would not be able to realistically acquire Ten based on existing regulation, including the two-out-of-three rule, which would be removed as part of the federal government’s media reform package.
Ten appointed voluntary administrators in June after Murdoch and Gordon refused to guarantee the company’s debt. The two then combined their shareholdings in Ten to form a joint venture that could potentially acquire the broadcaster, which the ACCC is currently reviewing.