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Murdoch Son Seen Vying to Reclaim Father’s Ten Network: Real M&A

For buyers as diverse as Rupert Murdoch’s eldest son Lachlan and rural broadcaster Southern Cross Media Group Ltd., there’s no cheaper media target in Australia than Ten Network Holdings Ltd.

The country’s third-ranked television broadcaster, which airs “Homeland” and focuses on younger viewers, plunged 60 percent this year through yesterday after twice selling new stock to pay back debt and turning off advertisers with programming flops. Even after revenue in the year through August fell to a decade-low, Ten traded at a 53 percent discount to its sales, the least expensive multiple of any similar-sized media company in Australia, according to data compiled by Bloomberg.