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There is mounting speculation that James Packer will give up his $125 million stake in Ten Network Holdings Ltd (ASX:TEN).
Nicknamed “Channel Tense”, the Sydney Morning Herald reports James Packer resigned as director of Ten as a matter of principle.
Yesterday’s announcement that Ten had poached Seven executive James Warburton to head the network was reportedly a breach of a truce between Seven boss Kerry Stokes and James Packer.
For the year ended 31 August 2010, Ten reported a net profit of $150 million.
