Network Ten's board of directors is likely to put the struggling free-to-air broadcaster into voluntary administration after losing the support of its three billionaire shareholders, Lachlan Murdoch, Bruce Gordon and James Packer, for a new $250 million loan.
Ten's board is due to meet on Wednesday morning to canvass its options which industry observers believe will include a further suspension of sharemarket trading and a likely move to put the network into administration. KordaMentha would likely be appointed as administrator to the third-ranked metropolitan broadcaster.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
