Ten Network

The Australian Competition and Consumer Commission (ACCC) has approved the Ten Network Holdings (ASX:TEN) sale of Eye Corp to Champ Private Equity.

• The ACCC noted that the outdoor advertising market was competitive with competitors such as APN Outdoor and JC Decaux in the marketplace.
• The deal is worth $120 million in cash from Champ, with a deferred consideration of $25 million payable three years after completion.

Billionaire media mogul, James Packer bought into Ten Network (ASX:TEN) in a share raid, picking up 15.6 percent or $250 million worth of the media company's shares. The purchase was made through a Packer family private company Prime Capital, a subsidiary of his private company Consolidated Press Holdings. There is a rumour that Packer be pushing for a 20 per cent stake, a move that will allow him to seek board representation at the network.

Transurban Group (TCL), a company that owns, develops and operates intelligent transport systems and electronic toll roads with operations in Australia and the United States had the best performing shares of the 6th week in ASX100 with a gain of 21.7 percent or 99 cents to its stock price closing the week at $5.55.

Nick Falloon, the executive chairman of Ten Network (TEN) has stated that the Australian advertising market was getting stable and improvements could be seen in the industry. He also added that the number of viewers has increased and the talks regarding the advertising rates might help the Network with its goal of securing 30 percent of the market share that it previously aimed to pursue. Mr.

The stockmarket value of Ten Network (TEN) share prices have nearly halved this year. Thus in order to savage the sagging share prices, it shall buy back up to 10 percent of its shares. Such a drastic move shall cost $150 million to the company as it plans to acquire up to 92.2 million of its own shares. The share prices witnessed a rally of 6 percent as soon as Ten began its debt-funded buy back plan.