Since Lachlan Murdoch joined the board of Ten Network Holdings in November 2010, the Australian broadcaster’s share price has fallen 70% to a record low, and viewership is down,
the
Financial Times
reported.
Murdoch is Ten’s chairman; previously, he was interim CEO.
The article said the company may have to seek a takeover by News Corp., helmed by Lachlan’s father, Rupert Murdoch, or by another of its billionaire shareholders, who include James Packard and Gina Rinehart.
The
FT
report noted that under Murdoch, Ten is courting a younger audience. It no longer has a dedicated sports channel and is focusing on edgy, locally produced shows rather than established franchises. Among its shows that flopped was a talent show hosted by Lachlan Murdoch’s wife, Sarah.
There are rumors that Ten could be taken over for the publishing company that will be spun off by News Corp. next year and will contain all of News Corp.’s Australian assets. “Analysts say the spun-off company might consider buying Ten to diversify further from print,” the
FT
article said. Such a move would bring Lachlan back into the News Corp. fold. (Source:
Financial Times,
Sept. 26, 2012.)
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