Type Public Industry Media Operating income Founded 31 March 1998 | Traded as ASX: TEN Products Television Headquarters Melbourne, Australia | |
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Key people Paul Anderson (CEO)
David Gordon (Chairman) Stock price TEN (ASX) A$ 0.60 0.00 (+0.33%)29 Mar, 12:05 PM GMT+11 - Disclaimer CEO Hamish McLennan (Mar 2013–) Subsidiaries Network Ten, One, Eleven, The Ten Group Pty Limited | ||
Ten Network Holdings Ltd, is one of Australia's major media companies. It is headquartered in Sydney, Australia.
Contents
Assets
While originally focusing on running a television network, Ten has recently diversified into a range of other media areas over the past decade. Below are some of the businesses it has run, or is involved with:
CanWest Sale
On 24 September 2009, CanWest announced that it was selling its 50.1% stake in Ten Network Holdings for A$680 million (following the 2006 concentration/restriction on Australian media ownership), in order to pay down its significant debt, although it was not enough to save the former parent, which went out of business the next year.
James Packer share purchase
During October 2010, James Packer, (through his private for Consolidated Press Holdings) bought 17.88% of shares in Ten Network Holdings. Half of this was then bought from Packer by Lachlan Murdoch; the two are listed as joint owners of 17.88% of the company
On 26 November mining magnate and Australia's wealthiest woman, Gina Rinehart was appointed a position of the board after purchasing 10% of the company.
Speculation surrounds the future of the Packer investment as upcoming changes to sport broadcast regulation and Ten's low share price in a slowly resurgent market are seen as possible drivers for the current stake.
On 23 February 2011, the board of Ten Network Holdings terminated the contract of CEO Grant Blackley. Lachlan Murdoch was appointed acting CEO. In February 2012, Murdoch was appointed Chairman by the board, replacing Brian Long who became Deputy Chairman, with James Warburton as the company's CEO.
On 26 March 2014 Hamish McLennan was appointed Executive Chairman after becoming Chief Executive Officer and Managing Director of the Company in March 2013 replacing James Warburton. Lachlan Murdoch retired as Chairman and a Director to join News Corp and 21st Century Fox as Non-Executive Co-Chairman.
On 27 July 2015, Paul Anderson was appointed Chief Executive Officer, and Non-Executive Director David Gordon was appointed Chairman after Hamish McLennan stepped down from both roles.
Foxtel takeover bid
In 2014, News Corp/Telstra-owned Foxtel and U.S. cable company Discovery Communications made a joint-venture to take a bid on Ten. Other U.S.-based companies and investment firms, such as Anchorage Capital Group and Saban Capital Group, were also on the bidding list. However, this was opposed by WIN Corporation owner and Ten shareholder Bruce Gordon stating that Ten would remain in the Australian hands.
On 15 June 2015, Foxtel officially agreed to buyout 15% shares in Ten Network Holdings, pending the approval from the Australian Competition and Consumer Commission. Prior to the acquisition, Discovery backed out from bidding partnership with Foxtel.
There were numerous reports stated that Foxtel will push-through the 15% acquisition of Ten once the Australian government will abolish the restriction on cross-media ownership.