You can expect this to be a big part of the story in the next few weeks and months.
In an interview this morning Michael Pascoe pretty much said Lachlan Murdoch has been stripping assets out of Ten since 2011 and this receivership is a strategic move planned by Murdoch and Gordon at this time to get madia laws changed for one of them to take over.
He also mentioned that Ten at this time are only $34m in debt and had until December to turn it around but it was Fox which was raising concerns about its contract with Ten, which instigated the receivership.
Report from Channel Nine’s A Current Affair on the voluntary administration of rival Network Ten after its biggest shareholders walked away from a $250 million dollar loan.
Nine News Sydney - Network Ten Placed into Voluntary Administration (14.6.2017)
TEN’s location in Sydney must be worth a mint given all the development around it. Sure, it’s a drop in the ocean compared to it’s debt, and then there are costs associated with moving, laying cables (remember Manly?), and building something that’s fit-for-purpose, but I wonder if the new owners might consider selling up as an option.
I think this what they’ve been saying in the media about Ten’s assets being stripped. Like a lot of companies these days, they probably no longer own their offices (studios). They lease everything.
They could give the Brisbane studio’s back to the Brisbane City Council/NPSR for forest rejuvenation and move to a smaller office in the CBD, South Bank or West End? Perhaps they can only afford Caboolture or Beenleigh though.
Very interesting to read that Lachlan Murdoch threatened to sue all the directors of Ten if they went ahead with a recovery plan.
Conflicts Emerge Over Ten Collapse
Ten Network creditors will meet for the first time with administrators in Sydney next Monday as questions are being asked about the way the company went into administration on Wednesday and the roles of two major shareholders, Lachlan Murdoch and Bruce Gordon. Speculation has centred on the two billionaire shareholders possible buyers of Ten if it goes into liquidation. http://www.sharecafe.com.au/sharecafe.asp?a=AV&ai=44383