This article is more than 3 years old

This article is more than 3 years old

Ten Network’s billionaire shareholders Lachlan Murdoch and Bruce Gordon have signalled their intention to take over the besieged network, seeking a review of a joint bid from the competition regulator.

Murdoch and Gordon, through their respective investment vehicles Illyria and Birketu, have sought an informal review of a joint bid for Ten from the Australian Competition and Consumer Commission.

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Ten was placed in receivership on Monday after going into administration in June and Gordon and Murdoch, along with the casino mogul James Packer, are guaranteeing a $30m finance package that keeps the network running until the end of August.

Previously the billionaire shareholder trio had guaranteed a $200m debt facility for Ten.

Any changes to media law that would allow Murdoch and Gordon to bid for Network Ten are on hold until parliament resumes on 8 August.

The ACCC is conducting a review under its merger process guidelines, with submissions from interested parties due by 24 July and a decision or issues statement due by 24 August.