Tina Ford, an Australian public servant, said she could hardly believe it when her three-bedroom apartment sold this month for A$1 million ($877,000) at an auction in which all 16 registered bidders were ethnic Chinese.
Ten Network Holdings Ltd. offered James Packer and Lachlan Murdoch a board seat each less than two weeks after Packer’s Consolidated Press Holdings Ltd. acquired 18 percent of Australia’s third-ranked television broadcaster.
James Packer and Lachlan Murdoch will spend the next month assessing Ten Network Holdings Ltd.’s strategy and senior executives, the Australian Financial Review reported, citing a person familiar with the situation it didn’t name. Packer and Murdoch are keen to revamp Ten’s management team, the newspaper reported.
Lachlan Murdoch is expected to complete the purchase of a stake in Ten Network Holdings Ltd. from James Packer in about a week, the Australian Financial Review reported, citing industry sources. Murdoch has secured financing for the purchase, which will cost at least A$130 million, with the deal to be completed at least two weeks before he joins the company board, the newspaper said.