The Packer family has made a move back to free-to air-television following a buy up of more than 15% of Ten Network Holdings overnight.
In a statement to the ASX this morning, Ten acknowledged a crossing of 163,305,048 shares representing 15.6% of the network. The shares were acquired at $1.50 per share was booked through the exchange following the close of trade.
Ten said this morning it was "yet to be formally advised as to the party that has acquired these shares", but the acquisition by Packer has now been confirmed.
The move signifies the Packer family's return to the free-to air-television market through James Packer following the sell-down of the bulk of its interests in the Nine Network through PBL Media to CVC Asia Pacific in 2006.
Previously the Packer family had been one of the largest media owners in Australia for three generations, with interests in ACP Magazines, digital properties, Ticketek, Acer Arena and Sky News, through PBL media. By late 2008, Packer, through Consolidated Media Holdings, held less than 1% of PBL media. Packer also holds 25% of Foxtel though Consolidated Media
The move comes after Packer last week added another
$200 million to his stake in gaming business Crown Limited.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.