Ten executive chairman Nick Falloon has agreed to resign during a meeting at James Packer’s Park Street offices in Sydney yesterday that was also attended by Ten director Jack Cowin.
Nick Falloon has was appointed executive chairman of Ten in 2002, and has switched to working part time in recent months. The news of Falloon standing down comes as Lachlan Murdoch is in talks to buy half of Packer’s 18% stake in Ten for around $150 million.
Murdoch will also seek board representation at Ten, but would have to resign from his position on as Prime Media Group deputy chairman (Prime is Seven’s regional affiliate in NSW, QLD and ACT) to avoid conflicts of interest.
Ten chief executive Grant Blackley will be next under the spotlight as Packer seeks board representation and sweeping changes to the network.
Packer’s rumoured ambition to set the network on a path focusing on 16-39’s and rolling back some of it’s 2011 plans including the extra hour of news and the possible changes to Ten’s digital channel strategy have been deemed risky by some analysts.
Large investors, however, have welcomed Packer as part of Ten.
Source: The Australian