Ten Network Holdings Limited (ASX:TEN)
has welcomed the decision by the ACCC not to oppose the proposed transactions between Ten, Foxtel and Multi-Channel Network.
The proposed transactions will enable Ten to reduce debt and provide additional financial flexibility to continue its strong ratings momentum.
Ten Non-Executive Chairman David Gordon says the approval from the ACCC and ACMA represents another important step for Ten to conclude the strategic review process initiated by the board last year.
He also says that by entering into the transaction with Foxtel and completing its proposed entitlement offer, it will receive the capital it needs to continue its turnaround.
Ten Network reported a net loss of $261.33 million at 28 Feb 2015.