OK for Ten bid

Billionaire duo venture

THE Ten Network’s billionaire shareholders Lachlan Murdoch and Bruce Gordon have been given the all-clear by the competition watchdog to make a joint takeover bid for the troubled free-to-air broadcaster.

The Australian Competition and Consumer Commission has ruled the bid unlikely to cause “substantial lessening” of competition.

The ACCC consulted broadcasters, sports rights holders, content producers and advertisers as it considered any impact on news supply, bidding for sports rights and ad markets.

ACCC chairman Rod Sims said the deal could weaken competitive incentives, but Ten and the Murdoch-linked Foxtel and News Corporation, owner of the Geelong Adver- tiser, would remain competitors in a number of markets and be subject to competition laws.

“While this transaction will result in some reduction in diversity across the Australian media landscape, we have concluded it would not substantially lessen competition,” Mr Sims said.

Birketu, owned by WIN TV boss Mr Gordon, and Illyria, owned by Mr Murdoch, are each seeking a 50 per cent stake in Ten, with plans to run the stricken broadcaster as a joint venture.

Ten has been in a trading halt since June 13, when Mr Gordon and Mr Murdoch pulled their support for a new funding deal after an existing facility expired, leading the No. 3 broadcaster into voluntary administration.