U.S. specialty media takeover firm Providence Equity Partners LLC is in discussions to purchase struggling Australian broadcaster Ten Network Holdings, a source with knowledge of the discussions told Reuters on Tuesday. A deal would represent an embarrassing exit for some of Australia's most powerful people who have taken large stakes in the broadcaster. However it may also come as a relief to smaller shareholders who have watched their investments struggle amid sluggish advertising revenue for media companies.Ten counts mining billionaire Gina Rinehart, Australia's richest person, News Corp boss Rupert Murdoch's son Lachlan Murdoch, billionaire casino mogul James Packer, and regional television station owner Bruce Gordon as its four biggest shareholders, according to its latest annual report.Providence is in preliminary talks with Ten executives about a possible buyout, said the source who was familiar with the situation but not authorised to comment publicly.The talks were in very early stages and there was no guarantee of a sale, the source added.
News Corporation is a diversified media and information services company. Shares of NWSA fell by 1.47% or $-0.26/share to $17.37. In the past year, the shares have traded as low as $14.39 and as high as $18.53. On average, 2590220 shares of NWSA exchange hands on a given day and today's volume is recorded at 3982888.
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