Australian pay-TV operator Foxtel and US cable giant Discovery Communications have signed off on a takeover bid for Ten Network, as the media company’s advisers Citi closed the sale process.

Ten failed to ­attract any other firm bidders in what is said to have been a tepid auction for the FTA network.

The offer values the broadcaster at between A$510 million (€350m) and A$664 million, with Foxtel set to take a 14.9 per cent stake – the maximum allowed under current cross-media ownership rules.

The move comes after Paul Mallam, who represented shareholder Bruce Gordon on the Ten board, resigned, amidst media reports suggesting Gordon would consider a Discovery-Foxtel offer.

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