Murdoch and Gordon’s joint bid for Ten given go-ahead by ACCC

The Australian Competition and Consumer Commission (ACCC) won’t stand in the way of Lachlan Murdoch and Bruce Gordon’s joint takeover bid of the embattled Network Ten.

Ten: Currently in administration

Speculation about a joint venture between two of Ten’s largest shareholders kicked off in June when the duo revealed they would work together exclusively in a bid to save Ten following news of its administration. At the time however, Murdoch and Gordon insisted they were not launching a takeover bid.

In July, the ACCC then announced it would conduct an “informal review” into competition issues around a plan which would see Murdoch’s Illyria and Gordon’s Birketu each directly or indirectly acquire a 50% stake in the network.