The nation’s No. 3 broadcaster filed for voluntary administration protection, similar to bankruptcy, three months ago after Murdoch and Gordon said they would no longer provide financial support for the struggling company.
Bids were supposed to have been due on August 25. Shortly afterward, Ten Network’s biggest creditor, CBS, said that it had “agreed to acquire” the broadcaster.
Murdoch and Gordon asked the court to intervene, saying administrators should have considered selling the business to Gordon’s private firm Birketu and Murdoch’s Illyria Nominees Television. Both were Ten’s major shareholders before it went into receivership. Last week Australia’s Senate cleared the way for the bid by overturning media consolidation restrictions.
But Justice Ashley Black said today that the could would stay out, leaving it up to creditors to determine whether to change the process due to “any recent commercial developments, or for any other reason.” The creditors, who plan to meet tomorrow.
Murdoch and Gordon plan to appeal, The Wall Street Journal reports.