By Ross Kelly
SYDNEY--Ten Network Holdings Ltd. (TEN.AU) said Thursday it has
appointed Citigroup as a strategic adviser, while acknowledging
local media reports that it could become subject to a takeover
bid.
Ten--Australia's fourth-ranked free-to-air broadcaster by
ratings--booked its third consecutive annual loss in August, hurt
by tepid advertising markets and unpopular programs. That has made
it vulnerable to predators.
Citing sources it didn't name, the Australian Financial Review
newspaper reported Wednesday that U.S. cable television company
Discovery Communications Inc. (DISCA) and Australian counterpart
Foxtel were weighing a joint bid for Ten. Foxtel is half-owned by
News Corp (NWS), publisher of The Wall Street Journal and Dow Jones
Newswires.
Providence Equity Partners LLC has regularly been speculated by
local media as a potential bidder for Ten.
A spokesman for the broadcaster wasn't immediately available for
comment Thursday. Shares in the company are currently worth 21.5
Australian cents each, giving it a market value of 565.7 million
Australian dollars (US$485.4 million).
Write to Ross Kelly at ross.kelly@wsj.com
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