Australia's Foxtel to Buy 15% of Ten Network
14 Junho 2015 - 10:16PM
Dow Jones News
By Ross Kelly
SYDNEY--Australian free-to-air broadcaster Ten Network Holdings
Ltd. (TEN.AU) said it would sell an up-to-15% stake in the company
to cable-TV provider Foxtel for 77 million Australian dollars
(US$60 million).
Ten said it would raise another A$77 million through an issue of
new shares to existing investors. The shares to Foxtel and existing
investors will be issued at A$0.15 each, a steep 57% discount to
their most recent trade of A$0.265.
Sydney-based Ten said it would also take a 25% stake in Multi
Channel Network, an advertising sales joint venture between Foxtel
and Fox Sports, and appoint the company as a sales representative
to gain scale and reduce costs. It would also have an option to
take a 10% interest in the Presto online-streaming service.
Foxtel is an equal joint venture between Telstra Corp. and News
Corp. (NWS), publisher of The Wall Street Journal and Dow Jones
Newswires.
Write to Ross Kelly at ross.kelly@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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