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Ten could sell after strategic review

Network Ten’s parent Network Ten Holdings has confirmed it has hired Citi bank to assess its strategic options after several stories about the sale of the company surfaced.

This week, Discovery Communications and pay TV provider Foxtel were linked to a takeover of Ten, which is Australia’s third-largest commercial channel behind Seven and Nine.

Ten has appointed Citi to assist in assessing a range of potential strategic options for the company,” Ten said in a statement released to the Australian Stock Exchange following the media reports.

However, the company added that “while a number of potential strategic options have been considered to date, there is no guarantee any transaction will eventuate”.

Last month, Ten revealed full year losses of A$168 million (US$144 million), which was less than the A$285 million recorded the year prior but still represents a significant hit.

Its ratings have been improving, however, meaning it remains an enticing options for acquisitive rivals and international buyers.