Cable TV

Murdoch’s Foxtel mulls 15% stake in Oz's Ten Network for $67 million

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MUMBAI: Rupert Murdoch's Australian local cable TV company Foxtel is mulling the option of buying a stake in Ten Network Holdings.

Australia’s free-to-air broadcaster Ten Network Holdings has acknowledged that it is in talks with Foxtel for a potential investment.

According to a report in the Australian Financial Review, Foxtel was close to agreeing a deal to take a 14.9 per cent stake in Ten, pumping in about $66.47 million at 18 cents a share.

In a statement to the Australian Securities Exchange (ASX), Ten Network said that an ongoing review about its ownership “involves discussions with Foxtel about the terms on which it may potentially invest in Ten.”

Foxtel is half-owned by the Australian arm of News Corp and half-owned by Australian telecom company Telstra Corp.

Ten Network added that it will “update the ASX again when required to do so under its continuous disclosure obligations.”

The company also urged “caution in dealing in its shares on the basis of media speculation about potential transactions involving the company.”

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