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Incoming Ten Network Holdings Limited (ASX:TEN) chief Hamish McLennan has literally put his money where his mouth is after purchasing a $1 million, 3.13 million share stake in the network.
Mr McLennan says he has personally invested in ten as he believes it is a great business, one which he looks forward to sharing in the future success of.
As part of an aggressive strategy to create such future success, Mr McLennan is also reportedly intent on securing the broadcast rights to cricket in Australia, with a hefty bid price of $400 million.
According to various media reports, ten will enter a bidding war with the seven and nine networks, while possibly launching a joint bid with Fox Sports, wit cricket’s governing body anticipating a take of $100 million a season over five years.
Mr McLennan hopes bidding for the summer of cricket will attract a broader audience for the network, and is also cultivating a possible raid on the seven network’s summer jewel, the Australian Open tennis.
Ten Network booked a net loss of $4.2 million in the 2012 financial year.
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