Time Warner considers $588 million acquisition of Network Ten

It is a deal that could see the face of Australian television change forever. Time Warner has reportedly got its eye on the struggling Australian television channel Network Ten in a potential $588 million takeover bid. The Australian Financial Review reported on Monday that the American media company had indicated in a letter sent to Citi, Network Ten’s banking adviser, it would be prepared to pay 25 cents a share for the local TV network, which adds up to roughly $588 million for a majority stake.