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Time Warner puts in a big bid for Ten

Time Warner has approached Ten Network with a $680 million takeover bid, according to Fairfax reports.

The AFR reported Time Warner senior vice-president James Burtson expressed interest in a “possible acquisition” in an October 6 to Ten’s investment bank Citi.

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The letter stated any bid for the commercial free-to-air broadcaster would be made by Time’s cable division Turner Broadcasting System.

Time Warner, which is a $75 billion company, is prepared to offer 25 cents a share for the company. Any deal would also require support from Ten investors including James Packer, Lachlan Murdoch and Gina Rinehart.

The letter stated the approach “only intended to facilitate further discussions with [Ten]”.

“We believe privatisation is the most effective way to achieve the desired return to profitability of Ten,” Mr Burtson wrote.

“Building an international footprint for our networks business is a strategic priority for Turner and we are excited about the opportunity to acquire a strong media asset in an attractive -geographic market.”

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