Private equity circles Ten: report

US-based Providence Equity Partners weighs bid, Ten board may be amenable to deal.

A number of private equity firms are believed to be interested in making a bid for Ten Network Holdings (TEN) as the stock price of the media group sits around an all-time low, The Australian Financial Review reports.

The report suggested US media investor Providence Equity Partners has progressed the furthest with a possible offer, running the numbers and holding “preliminary” talks with the possible target.

According to the AFR, the board of Ten believes a takeover of the firm would offer the best chance of long-term survival, with “a lot of work going on behind the scenes with a number of parties to try to make something happen.”

The news comes after reports earlier this year that Britain’s ITV was interested in putting forward an offer for Ten.