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The indicative approach was pitched at A$0.25
per share and "only intended to facilitate further discussions
with you", AFR reported, quoting an Oct. 6 letter from a Time
Warner executive to Ten's advisers, Citigroup.
Time Warner declined to comment, while Ten Network and Citigroup
were not immediately available for comment.
Last week, Ten announced it had appointed Citigroup to assess "a
range of potential strategic options", as media reported it had
fielded a joint takeover approach from U.S. cable television
giant Discovery Communications Inc and Australian pay television
firm Foxtel.
Shares in the company, which is backed by some of Australia's
richest people including Lachlan Murdoch, Gina Rinehart and
James Packer, have rallied on the takeover speculation, lifting
from an all-time low of A$0.18 last month to close on Friday at
A$0.27.
In October, the youth-focused channel, with the lowest ratings
of Australia's three commercial broadcasters last year, posted a
wider-than-expected annual net loss of A$168.32 million ($144.42
million) as revenue declined and costs rose.
(Reporting by Lincoln Feast; editing by Andrew Roche)
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