Lachlan Murdoch Firms Up Ten Network Stake

SYDNEY: Lachlan Murdoch has bought half of James Packer’s stake in Ten Network, giving him about an 8.9-percent share of the Australian free-to-air broadcaster.

Murdoch’s investment company Illyria has taken around half of Packer’s 17.9-percent stake for A$128.2 million ($126.8 million). Packer had bought the shares on the open market sometime last month, but has now sold on half of it to Murdoch. Both businessmen have seats on Ten’s board.

Earlier this week, Western Australian billionaire Gina Rinehart, a mining heiress, bought about 10 percent of the network.