Australian commercial broadcaster Ten has said it has received non-binding, conditional investment proposals from a “number of parties”.
According to the Sydney Morning Herald newspaper, pay-television operator Foxtel and pay-television broadcaster Discovery Communications have made a joint takeover bid valuing the company at A$605m (€411.8m/$513.8m).
The Australian newspaper added that Saban Capital Group and hedge fund Anchorage Capital Partners are also amongst those in the running for Ten.
Ten said in a statement: “Ten confirms that Citigroup has received non-binding, conditional proposals from a number of parties in relation to transactions which, if implemented, could result in a change of control of Ten or a refinancing of its existing debt facilities.
“An independent committee of the board of Ten will now consider those proposals in conjunction with Citigroup. In this regard, it should be noted that the proposals are confidential, non-binding and conditional in nature and may or may not result in a transaction which is acceptable to the company.
“Ten will update ASX (Australian Stock Exchange) again when required to do so under its continuous disclosure obligations. In the meantime, Ten urges caution in dealing in its shares on the basis of media speculation about potential transactions involving the company.”
Foxtel chief executive Richard Freudenstein last month denied that Australia’s anti-siphoning regulations would become redundant if the pay-television operator acquires Ten in a joint deal with Discovery.
The anti-siphoning regulations reserve certain major sporting properties for free-to-air television, but Freudenstein said that he “wouldn’t over-rate” the impact of a possible takeover on the regulations.