Ten Network Holdings has offered James Packer and Lachlan Murdoch directorships, following reports that Murdoch is to buy half of Packer's new stake in the company.
The two board positions have been created as “appropriate representation” for Packer's shareholding of about 18%. Packer was seeking three positions on the board.
Ten also said that executive chairman Nick Falloon and the board had agreed on a plan to make the chair a non-executive position.
In a statement, Ten said it had advised Packer and Murdoch that it would be prepared to discuss a transition in an orderly manner, after which the board would consider the appointment of a new chairman.
It said: “Ten Holdings Executive Chairman, Nick Falloon, and the Ten Holdings Board have advised that, following the exit of Canwest and prior to the recent acquisition by Messrs Packer and Murdoch, the Board had agreed a plan to transition the current Executive Chairman role to a non-executive role.”
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