Billionaire media moguls Lachlan Murdoch and Bruce Gordon are "launching a joint takeover bid for Network Ten," according to David Chau of the ABC. The Australian Competition & Consumer Commission confirmed that it "commenced a review of this proposed acquisition." If the deal proceeds, it would see Illyria Nominees Television Pty Ltd. and Birketu Pty Ltd. each acquiring a 50% stake of the "embattled" media network. ACCC Chair Rod Sims said, "While this transaction is dependent upon the passage of the media reform bill, it is appropriate that the ACCC begin its review of the proposed transaction that has been put to us by the parties." Before Murdoch and Gordon can legally take over Ten, "certain media ownership laws will first need to be changed." The first law, the "two out of three rule," prevents an individual or a company from owning a newspaper, TV station and radio station in the same license area. Murdoch currently owns radio and newspaper assets in markets where Ten gets broadcast. As for the "reach rule," it prohibits a single TV broadcaster from reaching more than 75% of the population. The Turnbull Government is "seeking to overturn these rules with its media law reform bill" (ABC, 7/4).
