Ten welcomes Packer's share raid

Ten Network Holdings Ltd says it welcomes the interest of its new major shareholder
James Packer but won't say if the billionaire has requested a seat on the
broadcaster's board.
Ten executive chairman Nick Falloon on Thursday said the company would not comment
on media reports regarding Mr Packer's purchase this week of a 17.88 per cent stake
in Ten through his private firm Consolidated Press Holdings.
"There has obviously been much speculation in the past few days and we obviously
acknowledge that we now have a new major shareholder," Mr Falloon told reporters and
analysts.
"We welcome their interest in our company and return to the free-to-air industry."
Mr Packer four years ago sold most of his media interests in PBL Media to focus on
the gaming industry.
Mr Falloon said the mogul's investment in Ten was "a positive for our other
shareholders".
"We are happy to see someone like James Packer take a positive investment in the
company.
"He obviously understands the strategy ... and that's encouraging for the company."
Mr Falloon said Ten executives recently had a brief conversation with Mr Packer, who
was currently overseas, and a meeting would be held "at some stage in the near
term".
He did not rule out engaging an adviser to provide guidance on Ten's new powerful
shareholder.
"But today I do not propose to speculate on any of what has been in the newspapers
about those changes."
Ten on Thursday reported a net profit for the 12 months to August 31 of $150.007
million, a turnaround from a net loss of $89.35 million in the previous fiscal year.
Media reports suggested Mr Packer may seek to increase his stake in Ten further, but
was unlikely to launch a takeover bid.
"It's clear Packer sees the operating potential of Network Ten and is keen to get a
foothold to influence the station's future," CMC Markets analyst David Taylor said.
Shares in Ten closed up 2.5 cents, or 1.62 per cent, at $1.57 after reaching a high
of $1.64 in intraday trade.
Mr Packer bought his stake at $1.50 per share.



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