Media billionaires Lachlan Murdoch and Bruce Gordon face stiff competition and a race against time in their bid to take over the besieged Ten Network, an analyst says.
The Australian Competition and Consumer Competition is reviewing a proposal from Mr Murdoch and Mr Gordon to take control of the troubled free-to-air broadcaster, but such a deal relies on the passage of media law reforms, due for debate when parliament resumes on August 8.
Fusion Media analyst Steve Allen said the takeover bid could also be squeezed by rival offers, as the "usual suspects" of venture capital begin to circle the "bargain" media asset.
"Ten is the chance of a lifetime, this will all be settled well before the media laws are changed," Mr Allen said.
"Other interested parties couldn't give a fig about Murdoch, Gordon and the media ownership laws, and in fact seeing them snookered is of great assistance to anyone interested in Ten."
Mr Murdoch, the owner of the NOVA Entertainment radio network and co-chairman of newspaper owner News Corp, is prevented from having control of radio, newspaper and television assets in the one market under current media laws.
Mr Gordon owns the regional WIN Television network, and control of Ten would put him in breach of the 'reach rule' that prevents access to more than 75 per cent of the population.
Ten slid into voluntary administration on June 14 and on Monday was placed in receivership.
Mr Gordon, Mr Murdoch and casino mogul James Packer have guaranteed a $30 million finance package that keeps the network running until the end of August.
Mr Allen said interest in Ten was intense, especially given its low value - Ten shares are currently suspended from trade at 16 cents each, after falling by 92 per cent in the past two years.
"Ten's outlook, according to management, is strong," he said.
"It has a market cap of $66 million, a free-to-air license and two digital licenses.
"There won't be another free-to-air license granted in Australia, ever.
"Unless all other bidders suddenly become gun-shy, the billionaires have been outflanked on the timing issue alone."
