takeout - unlikely - strategic stake yes

The likelyhood of Ten being taken over by anyone other than News is zero. As if Lachlan and Packer, Rhinehart and Gordon would sell their shares for a loss (sub $1.20).

Second News limited is the likely the buyer for these reasons it needs a FTA station to circumvent the anti syphoning laws so if you are going to hand ball some content you may as well own it or part of it. I suspect News will buy a strategic stake post cons media completion.

Ten has a decent balance sheet to pitch for the tennis, V* motor sports all up for grabs. Nine is exhausted financially and Seven well its there but TEN is more hungry for a reliable audience.