Wealthy Australians Join Ten Board
Packer, Murdoch, Rinehart Take Seats on Dec. 9
SYDNEY -- Shareholders at the Ten Group Holdings annual general meeting on Dec. 9 will be faced with some significant business muscle as several of Australia’s wealthiest individuals take new seats on the Ten board, after the company confirmed Friday that Australia’s richest woman, mining magnate Gina Rinehart, will become a director of the broadcasting and outdoor media group.
Rinehart shocked Australia’s business community 10 days ago, snapping up 10% of Ten Group Holdings for $168 million, following the lead of James Packer – Australia’s sixth richest person, who early this month acquired an 18.8% stake in Ten, the maximum shareholding allowed before having to launch a full takeover.
Under a separate deal finalized last week Packer sold half of that stake to News Corp. director Lachlan Murdoch, who acquired the shareholding through his locally held private investment company Illyria Pty Ltd. Packer and Murdoch have agreed to act "in concert" in nay decisions about the Ten network.
Packer, Murdoch and Rinehart will join the Ten board next week, while long-time executive chairman Nick Falloon will depart the company.
Ten has also re-signed Grant Blackley, CEO of its television business, to another five-year contract.