Lachlan Murdoch and Bruce Gordon's move to potentially take control of Network Ten after withdrawing their backing for a new loan to keep the broadcaster afloat is "just clever business", says former competition tsar Graeme Samuel.
Meanwhile, sources said Commonwealth Bank of Australia, which is on the hook for a $200 million loan to Ten, is actively weighing up the appointment of receiver PPB as soon as this week. Mr Gordon and Mr Murdoch are guarantors, along with James Packer, of the CBA loan to Ten.
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Max Mason covers insolvency, courts, regulation, financial crime, cybercrime 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
Anne Hyland is an award-winning writer and a senior correspondent for The Sydney Morning Herald and The Age. She was previously deputy editor of Good Weekend and has worked for The AFR and as a foreign correspondent. Connect with Anne on Twitter. Email Anne at ahyland@smh.com.au
