Sydney — News Corporation co-chair Lachlan Murdoch got the green light to bid for Australia’s third-largest television network on Thursday, a deal that would extend his media empire’s huge reach Down Under. Australia’s competition watchdog said it would not oppose the potential takeover of troubled broadcaster Ten Network, but added that approval would be subject to a shake-up in Canberra’s strict media ownership laws. Ten has been on air since 1964 but like other media organisations has struggled with slumping advertising revenues, and in June was placed in voluntary administration. The network posted a net loss in September-February of A$232m (R2.42bn). Murdoch, the son of media titan Rupert Murdoch, said in July he was eyeing a joint bid for the company alongside media mogul Bruce Gordon, who owns regional network WIN. A takeover by Murdoch’s investment company Illyria and Gordon’s Birketu would give them each a 50% share. "While this transaction will result in some reduction in ...
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