Apparently up to nine suitors in the mix for Ten. With such...

Apparently up to nine suitors in the mix for Ten. With such interest out there, surely the company can't have been in that bad enough a state to warrant voluntary admin.


http://www.copyright link/street-ta...rk-ten-meetings-20170730-gxlnjb#ixzz4oMCK2av2

CBS bigwig flies into town for Network Ten meetings
US television production company CBS will step up its pursuit of Network Ten this week, with one of the $US30 billion giant's top executives due to fly into the country.

Street Talk understands Armando Nunez, who is CBS's top international executive as CEO of CBS Global Distribution, will be in Sydney to meet with key Ten directors and stakeholders.

CBS is one of nine suitors said to be running the numbers on Ten, having signed a non-disclosure agreement and taken the early stage sale documents. First round bids are due late next month.

The US media giant is in a unique position heading into the auction. It doubles as Ten's biggest creditor, having lodged a $795.5 million claim against the company, which was designed to capture all revenue it expected from Ten over the next five years.

Whether CBS buys Ten or not, it is sure to have a seat at the table when the new owners come in.
Nunez's trip to Australia is expected to send a strong signal about the company's intentions to pursue Ten. The executive is highly regarded in media circles worldwide, starting with his boss, CBS CEO Leslie Moonves, who reportedly described Nunez as "pound for pound, one of the best executives in town".

His trip also comes as the Australian Competition and Consumer Commission looks into all things Ten, including the possibility of a deal with major shareholders Birketu Pty Ltd and Illyria Nominees Television Pty Limited, owned by Bruce Gordon and Lachlan Murdoch respectively.

It's understood the ACCC pushed back the deadline for industry submissions into the Ten situation. Key to its review is whether Murdoch and Gordon taking control of Ten would reduce industry competition and give the network an unfair advantage.

Alarm bells are said to be ringing in some parts of the industry after Ten and Foxtel, which is half-owned by Murdoch-chaired News Corp, made a successful joint bid for an upcoming and highly sought after television show.

Elsewhere, Macquarie Group's small-cap specialist Jodie Bannan is the latest in a growing trend of analysts making the jump to the buy-side.

Street Talk understands Bannan, who was an associate director at Macquarie, has resigned and will take up a role at fund manager Platinum Asset Management.

Bannan spent 10 years at Macquarie, primarily covering the small-cap sector.