Stokes buys stake in Ten: reports Date March 1, 2013 - 8:33AM 61...

Stokes buys stake in Ten: reports

Date March 1, 2013 - 8:33AM 61 reading now

Seven Group chairman Kerry Stokes has bought a $40 million stake in Ten Network, as media ownership rules come under government focus, the Australian Financial Review reports.

Mr Stokes is believed to have purchased shares in Ten in December, before participating in Ten's $230 million capital raising. He now holds just under 5 per cent of the network, according to the AFR.

James Warburton was sacked as Ten's chief executive last week after being chosen for the role by Ten chairman Lachlan Murdoch less a year ago.

The network appointed senior News Corp executive and former advertising agency boss, Hamish McLennan, to take over the position on March 18.

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Mr Murdoch is understood to have flown to New York to personally meet Mr McLennan about taking on the role.

The creeping influence of News Corp on broadcaster Ten is expected to come under scrutiny by investors and the government, which the AFR reports is considering reforms to media ownership rules


Read more: http://www.theage.com.au/business/media-and-marketing/stokes-buys-stake-in-ten-reports-20130301-2f9wd.html#ixzz2MEWWnv00