Ten to offer Packer, Murdoch board seats

Ten Network Holdings Ltd says it will offer James Packer and Lachlan Murdoch seats
on the free-to-air broadcaster's board.
The announcement, made on Monday, is part of a wider shake up that would lead to the
appointment of a new chairman and result in current executive chairman Nick Falloon
moving to a non-executive role.
Ten said it would be prepared to discuss the "implementation of this transition in
an orderly manner and at a time to be agreed".
The move to invite the two media barons onto the board comes after Mr Packer's
private company Consolidated Press Holdings (CPH) bought about 18 per cent of Ten
stock last month, outlaying about $280 million.
Mr Murdoch is weighing up the offer to buy half of Mr Packer's stake, having already
secured the finance to do so, a spokesman confirmed on Monday.
Ten said in a statement it considered the offer of two seats on the board
"appropriate representation for this shareholding".
If the offer is taken up, the Ten board would expand to 10.
"The company welcomes the interest of CPH and Messrs Packer and Murdoch in the
free-to-air television industry and, particularly, CPH's investment in Ten
Holdings," Ten said in a statement on Monday.
Moreover, Ten said it would put in place appropriate board protocols regarding
access to information and decision-making to address any potential conflicts of
interest or competition law issues for directors.
Mr Packer's CPH is the largest shareholder of Consolidated Media Holdings Ltd, which
owns 25 per cent of Foxtel and 50 per cent of Fox Sports.
Mr Murdoch is also on the board of News Corporation, which has 25 per cent of Foxtel
and the other half of Fox Sports.
Fox Sports is a direct competitor to Ten's 24-hour all-sports channel ONE.
Also, Mr Murdoch's investment company Illyria holds 50 per cent of DMG Radio
Australia as well as a stake in regional television company Prime Media Group.
"The company looks forward to reaching an agreement with Messrs Packer and Murdoch
that is consistent with appropriate corporate governance and competition law
requirements, ongoing board stability, and which is in the interests of all of Ten
Holdings' shareholders," Ten said.
Ten stock closed up two cents at $1.46, while Consolidated Media ended two cents
firmer at $3.37.



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