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Monday, December 1, 2014

Discovery, Foxtel to launch "lowball" bid for Australia's Ten - media, (NYSE: C), (NASDAQ: DISCA), (NASDAQ: DISCK)

U.S. media giant Discovery Communications and Australian pay-TV company Foxtel will launch a "low-ball opening takeover bid" for Australia's Ten Network Holdings, The Australian newspaper said in an unsourced report on Tuesday. Ten, which had lowest ratings of Australia's three commercial broadcasters, last month appointed investment bank Citigroup Inc to assess "a range of potential strategic options" amid reports of takeover interest from media and private equity companies.A non-binding cash and share offer of A$020-A$0.25 per share would be made on Tuesday and value Ten at A$510 million-A$664 million, The Australian reported.Under the mooted deal, Foxtel will take a 14.9 per cent stake in Ten as part of a dual-class shareholder structure that allows the major shareholders to retain voting power, it said.Discovery did not immediately respond to request for comment outside regular U.S. office hours. Ten and Foxtel, which is quarter owned by Rupert Murdoch's News Corp, were not immediately available for comment.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 1.15% or $-0.62/share to $53.35. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 16835300 shares of C exchange hands on a given day and today's volume is recorded at 13824013.

Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA fell by 0.6% or $-0.21/share to $34.69. In the past year, the shares have traded as low as $31.29 and as high as $46.38. On average, 4090950 shares of DISCA exchange hands on a given day and today's volume is recorded at 2111104.

Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCK fell by 0.09% or $-0.03/share to $33.98. In the past year, the shares have traded as low as $31.02 and as high as $44.00. On average, 2934450 shares of DISCK exchange hands on a given day and today's volume is recorded at 1057649.



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