Lachlan Murdoch has completed a deal by which he will buy half of James Packer’s 19% stake in Ten Network. The deal, which will see Murdoch join Packer on the board of Ten, was sealed last night, with Murdoch’s investment vehicle paying $128.2 million for a 8.5% stake in the company, at $1.37 a share.
And while Ten shares fell 7.5c yesterday to $1.52, Murdoch is already sitting on a paper profit of almost $14 million from the deal.
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Government set for NBN senate victory
The Federal Government looks set to push ahead with its plans for the National Broadband Network after winning the key backing of Family First senator Steve Fielding. Fielding, along with independent Nick Xenophon and the Greens, will back a bill to break up Telstra to allow it to take part in the NBN.
Tax Office set for super crackdown
The Australian Tax Office is set to target small businesses that fail to pay employee super contributions. The ATO has new powers to penalise offending businesses and company directors after a review found that there is at least $600 million in unpaid super in the system.
The Australian dollar rose to 98.19 US cents and the Dow Jones Industrial Average added 137.02 points.