Lachlan Murdoch's proposed purchase of a 50% stake in James Packer's 17.88% shareholding in Ten Network Holdings is at least a month away, according to Murdoch's company Illyria.
An Illyria spokesman told AdNews the deal, which would see Murdoch buy into Ten, is not definite and is "still a while off yet".
"The deal will only go through if Lachlan sees it to be of value. It will more likely than not go through but it is not definite."
"People seem to think the deal is going to go through tomorrow, but it will be at least a month before anything happens," the spokesman said.
Murdoch already owns interests in Prime Media Group and DMG Radio.
Last week Packer made the move back into free-to-air television, buying up nearly 18% of Ten Network Holdings at $1.50 a share.
In 2006, the Packer family sold down the majority of its interests in the Nine Network through PBL Media to CVC Asia Pacific.
Previously, the Packer family had been one of the largest media owners in Australia, with interests in ACP Magazines, digital properties, Ticketek, Acer Arena and Sky News. By 2008, through Consolidated Media Holdings, Packer held less than 1% of PBL Media.
The move comes after Packer added an additional $200 million to his stake in gaming business Crown Limited earlier in the month.
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.