- The Australian pay TV unit of News Corp. (NWS -2%, NWSA -1.9%) and Telstra (OTCPK:TLSYY -1.3%) is putting A$77M into broadcaster Network Ten, as the latter announced a heavy fiscal-year loss of A$312M.
- Ten is raising that amount from existing shareholders as well by offering shares at A$0.15 each, compared to its share price of A$0.19 before a halt.
- Ultimately, Foxtel -- which was established in 1995 as a joint venture -- will achieve a 15% stake in Ten. Its original bidding partner, Discovery, dropped out of the deal.