- After recently lowering its joint bid with Foxtel (NASDAQ:NWSA) in a months-long auction process for Australia's Ten Network, Discovery Communications (NASDAQ:DISCA) is bailing out of the proceedings.
- The two companies had already dropped a push for full control of Ten after running into pushback from Bruce Gordon, the owner of regional broadcaster Win Corp. who's already at a legally mandated limit of 14.99% ownership of Ten.
- Discovery reportedly balked at Ten's suggestion that it take only a 14.99% stake itself, rather than a controlling share.
- Foxtel now must decide whether to pursue the minority stake on its own.
- Previously: Discovery gives back some gains on Fox merger denials (Feb. 23 2015)
- Previously: Discovery/Foxtel frontrunner in bid for Ten (Nov. 23 2014)